Number 8))))

Tim has worked for one employer his entire career. While he was working, he participated in the employer's defined contribution plan [traditional 401(k)]. At the end of 2022, Tim retires. The balance in his defined contribution plan at the end of 2021 was $2,000,000. (Use Exhibit 13-3.)

Note: Leave no answers blank. Enter zero if applicable.

Required:

b. What is Tim's required minimum distribution for 2022 if he turns 72 during 2022?

c. What is Tim's required minimum distribution for 2022 that must be distributed in 2023 if he turns 75 years old in 2022?

d. Assuming that Tim is 76 years old at the end of 2022 and his marginal tax rate is 32 percent, what amount of his distribution will he have remaining after taxes if he receives only a distribution of $50,000 for 2022?