Ian retired in December of 2021 at the age of 71 (his birthday is January 6). Ians
Question:
Ian retired in December of 2021 at the age of 71 (his birthday is January 6). Ian’s retirement account was valued at $490,000 at the end of 2020 and $500,000 at the end of 2021. He has had all of his retirement accounts open for 15 years. What is Ian’s required minimum distribution for 2022 under each of the following alternative scenarios?
a) Lan’s retirement account is a traditional 401(k) account.
b) Lan’s retirement account is a Roth 401(k) account.
c) Lan’s retirement account is a traditional IRA.
d) Lan’s retirement account is a Roth IRA.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (8 reviews)
a minimum distribution for 2022 56000 14 ...View the full answer
Answered By
James Warinda
Hi! I’m James Otieno and I'm an experienced professional online tutor with countless hours of success in tutoring many subjects in different disciplines. Specifically, I have handled general management and general business as a tutor in Chegg, Help in Homework and Trans tutor accounts.
I believe that my experience has made me the perfect tutor for students of all ages, so I'm confident I can help you too with finding the solution to your problems. In addition, my approach is compatible with most educational methods and philosophies which means it will be easy for you to find a way in which we can work on things together. In addition, my long experience in the educational field has allowed me to develop a unique approach that is both productive and enjoyable.
I have tutored in course hero for quite some time and was among the top tutors awarded having high helpful rates and reviews. In addition, I have also been lucky enough to be nominated a finalist for the 2nd annual course hero award and the best tutor of the month in may 2022.
I will make sure that any student of yours will have an amazing time at learning with me, because I really care about helping people achieve their goals so if you don't have any worries or concerns whatsoever you should place your trust on me and let me help you get every single thing that you're looking for and more.
In my experience, I have observed that students tend to reach their potential in academics very easily when they are tutored by someone who is extremely dedicated to their academic career not just as a businessman but as a human being in general.
I have successfully tutored many students from different grades and from all sorts of backgrounds, so I'm confident I can help anyone find the solution to their problems and achieve
0.00
0 Reviews
10+ Question Solved
Related Book For
Taxation Of Individuals And Business Entities 2023 Edition
ISBN: 9781265790295
14th Edition
Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham
Question Posted:
Students also viewed these Business questions
-
A traditional IRA and a Roth IRA have both similarities and differences. Compare and contrast (1) a traditional IRA with (2) a Roth IRA with respect to each of the following: a. Income-tax treatment...
-
Ian retired in June of 2013 at the age of 69 (he turned 70 in August of 2013). Ian's retirement account was valued at $490,000 at the end of 2012 and $500,000 at the end of 2013. What is Ian's...
-
Ian retired in June 2014 at the age of 69 (he turned 70 in August 2014). Ian's retirement account was valued at $490,000 at the end of 2013 and $500,000 at the end of 2014. What is Ian's required...
-
Bookstores International, a bookstore chain, has been quite successful over the past few decades and is now in expansion mode. It typically approaches opening a new bookstore by first determining the...
-
Table 8E.3 presents data on the cycle time (in hours) to process small loan applications. Prepare a normal probability plot of these data. The loan agency has a promised decision time to potential...
-
Jeremy (unmarried) earned $102,000 in salary and $6,100 in Interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy...
-
For a chemically reacting system at constant temperature and pressure, the criterion for equilibrium can be expressed as (a) \(\Sigma \mu_{i} d n_{i}=0\) (b) \(\Sigma n_{i} d \mu_{i} <0\) (c)...
-
FedEx is the worlds leading express-distribution company. In addition to the worlds largest fleet of allcargo aircraft, the company has more than 654 aircraft and 51,000 vehicles and trailers that...
-
Bloomtech Ltd (Bloomtech) is one of the top software development companies in australia. However recently it has lost a number of its key clients to its competitors and consequently ha sbeen having...
-
Aquatic Line Company (ALC) manufactures a variety of strong and durable ropes. The company manufactures all their products in a large factory located near Nephi, Utah. All the types of ropes the...
-
Alex is 31 years old and has lived in Los Alamos, New Mexico, for the last four years, where he works at the Los Alamos National Laboratory (LANL). LANL provides employees with a 401(k) plan, and for...
-
Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2022). In 2022, his net Schedule C income was $300,000. This was his only source of income. This year, Reggie is...
-
Cell Design produces cell phone covers for all makes and models of cell phones. Cell Design sells 1,050,000 units each year at a price of $ 10 per unit and a contribution margin of 40%. A survey of...
-
Consider the following eight points in a 2-dimensional space: {(2, 10); (2, 5); (8, 4); (5, 8); (7,5); (6, 4); (1, 2); (4, 9)}. Suppose we plan to use the Euclidean distance metric, and we are...
-
Drake Consulting performs systems consulting and has the following post-closing balances at December 31, 2016. (Click the icon to view the post-closing balances.) The company has also begun selling...
-
Develop the full cost of a simple item. 1. Choose a simple, everyday household item (i.e. loaf of bread, fabric placemat, broom) to investigate its full cost. 2.Describe the product and why it was...
-
Five data entry operators work at the data processing department of the Birmingham Bank. Each day for 30 days, the number of defective records in a sample of 300 records typed by these operators has...
-
Instructions for Problems 1-3 (10 points each, grading is based on accuracy) Create a set of 3NF normalized relations (or tables) given the sample data/form below. Do not draw a dependency diagram;...
-
Explain why the initial slope for Ca2+ in Figure 10-3 is steeper than that for K+? 0.8 0.6 0.4 0.2 Fe(CN)64- 0 0 0.1 0.2 0.3 0.4
-
Frontland Advertising creates, plans, and handles advertising campaigns in a three-state area. Recently, Frontland had to replace an inexperienced office worker in charge of bookkeeping because of...
-
Adjusted taxable gifts are included in cumulative taxable transfers for calculating the estate tax. Explain whether including these gifts in the estate tax base will subject the gifts to double...
-
Timpanogos Inc. is an accrual-method calendar-year corporation. For 2020, it reported financial statement income after taxes of $1,342,000. Timpanogos provided the following information relating to...
-
You have been assigned to compute the income tax provision for Tulip City Flowers, Inc. (TCF) as of December 31, 2020. The companys Income Statement for 2020 is provided below: Tulip City Flowers,...
-
What might be challenges for public administrators in orchestrating ethical performances when working with individual ethics inside and outside the organization?
-
On January 1, 2023, Bertrand, Incorporated, paid $70,800 for a 40 percent interest in Chestnut Corporation's common stock. This Investee had assets with a book value of $235,000 and liabilities of...
-
In an airline's hiring process, all candidates were assessed on criteria such as "assertiveness," "teamwork" and "ability to have fun." Although these were age-neutral on their face, bias was...
Study smarter with the SolutionInn App