1.) What is the minimum distribution that Mit must receive for 2021?

2.) If he only receives a distribution of $200,000 during 2021, then how much in penalties will he be required to pay for 2021?

3.) Assume that the market crashes in 2021 and the value of the qualified plan drops to $1 million. As a result of the market drop, Mit dies in September of 2021 (after having taken her required distribution for 2021) and Colin inherits the IRA. If the value of the IRA is $1 million at the end of 2021, $1.2 million at the end of 2022, and $1.5 million at the end of 2023, how much, if any, must Colin take out to satisfy the minimum distributions in Years 2021, 2022, and 2023 if his goal to stretch distributions over the longest period possible?

4.) Can Mit delay taking minimum distributions from his Big Company Plan since he is still employed? Explain why or why not.

Read CASE 2 and answer the questions (9-12) 31st of 2021. He has named his grandson Colin (age 9 at the end of 2021) as his beneficiary