REQUIRED MINIMUM DISTRIBUTIONS (RMDS) TEM SET 10: Charlie and Rose have been married for 40 years...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
REQUIRED MINIMUM DISTRIBUTIONS (RMDS) TEM SET 10: Charlie and Rose have been married for 40 years and have three children together. They are currently semi-retired and enjoying life at the beach in Florida. Rose turned 70 on February 14th 2019 and Charlie turned 70 on October 15th 2019. Rose is fully retired as a fashion model from Burl's Boutique, which marketed to older customers. Charlie still works part-time for a company that rents sailboats and provides sailing guides for customers renting boats. The company, called Set Sail, sponsors a 401(k) plan, which Charlie continues to make contributions. Charlie gave up his corporate job at IBM several years ago and plans to continue working at Set Sail because he loves it. Charlie's rich uncle, Alan, died earlier during 2019 and left his Roth IRA to Charlie. Charlie is sad about Alan, but happy about the IRA and even happier that it is a Roth IRA. Alan started the Roth IRA over ten years ago. They need to know whether they need to take minimum distributions and if so, how much and from what accounts. The balances in the accounts are shown below. Plan Owner Plan # Rose Rose Rose Rose Charlie 5 Charlie 6 Charlie 7 Charlie 8 Charlie 9 1 23 2 3 4 Account/Plan Type Self Directed IRA Self Directed Roth IRA Self Directed IRA Burl's MPPP Inherited Roth IRA Self Directed IRA IBM 401(k) Roth Account IBM MPPP Set Sail 401(k) Roth Account December December 31, 2018 31, 2019 Balance Balance $22,000 $23,500 $58,000 $67,000 $45,000 $51,300 $270,000 $267,000 $180,000 $200,000 $17,000 $18,000 $40,000 $41,500 $600,000 $650,000 $89,000 $80,000 December 31, 2020 Balance $20,500 $68,000 $50,300 $260,000 $220,000 $20,000 $49,000 $700,000 $92,000 December 31, 2021 Balance $19,800 $70,000 $49,100 $252,000 $218,500 $20,500 $51,000 $723,000 $99,000 1. What is the required beginning date (RBD) for Rose and Charlie (without regard to the CARES Act waiver of RMDs for calendar year 2020)? and Charlie REQUIRED MINIMUM DISTRIBUTIONS (RMDS) TEM SET 10: Charlie and Rose have been married for 40 years and have three children together. They are currently semi-retired and enjoying life at the beach in Florida. Rose turned 70 on February 14th 2019 and Charlie turned 70 on October 15th 2019. Rose is fully retired as a fashion model from Burl's Boutique, which marketed to older customers. Charlie still works part-time for a company that rents sailboats and provides sailing guides for customers renting boats. The company, called Set Sail, sponsors a 401(k) plan, which Charlie continues to make contributions. Charlie gave up his corporate job at IBM several years ago and plans to continue working at Set Sail because he loves it. Charlie's rich uncle, Alan, died earlier during 2019 and left his Roth IRA to Charlie. Charlie is sad about Alan, but happy about the IRA and even happier that it is a Roth IRA. Alan started the Roth IRA over ten years ago. They need to know whether they need to take minimum distributions and if so, how much and from what accounts. The balances in the accounts are shown below. Plan Owner Plan # Rose Rose Rose Rose Charlie 5 Charlie 6 Charlie 7 Charlie 8 Charlie 9 1 23 2 3 4 Account/Plan Type Self Directed IRA Self Directed Roth IRA Self Directed IRA Burl's MPPP Inherited Roth IRA Self Directed IRA IBM 401(k) Roth Account IBM MPPP Set Sail 401(k) Roth Account December December 31, 2018 31, 2019 Balance Balance $22,000 $23,500 $58,000 $67,000 $45,000 $51,300 $270,000 $267,000 $180,000 $200,000 $17,000 $18,000 $40,000 $41,500 $600,000 $650,000 $89,000 $80,000 December 31, 2020 Balance $20,500 $68,000 $50,300 $260,000 $220,000 $20,000 $49,000 $700,000 $92,000 December 31, 2021 Balance $19,800 $70,000 $49,100 $252,000 $218,500 $20,500 $51,000 $723,000 $99,000 1. What is the required beginning date (RBD) for Rose and Charlie (without regard to the CARES Act waiver of RMDs for calendar year 2020)? and Charlie
Expert Answer:
Answer rating: 100% (QA)
Here are the key details about RMDs for Rose and Charlie Rose turned 70 in 2019 so her RBD was April ... View the full answer
Related Book For
Taxation Of Individuals And Business Entities 2016
ISBN: 9781259334870
7th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Posted Date:
Students also viewed these accounting questions
-
Fergus and FelicityVine live in the North East of England. They own a house valued around 390,000 and this is owned as a beneficial joint tenancy. They have been married for 20 years and have no...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
What is the main reason the Bike Company needs to report figures separately for its various areas of operation? Choose the correct answer. A Sales requires these figures to plan sales activities. B...
-
The product design team of Cervantes Golf Company is in the process of designing a new model of golf bag cart. The company estimates that total costs will be $30 per unit and fixed costs will be...
-
A supply container dropped from an aircraft by parachute hits a target with a probability of 0.37. (a) What is the expected number of container drops needed to hit a target? (b) If hits from three...
-
Construct the multiple regression equation y = b0 + b1x1 + b2x2 + b3x3. Exercises 1115 refer to the following data set: x1 *2 x3 69.8 7.9 37.3 62.4 32.3 9.3 20.2 40.7 66.9 13.3 30.5 48.7 87.5 27.4...
-
On January 1, 2014, the Vasquez Company ledger shows Equipment $32,000 and Accumulated Depreciation-Equipment $9,000. The depreciation resulted from using the straight-line method with a useful life...
-
You are considering investing your money in two stocks (A and B). The risk-free interest rate amounts to 3%. The total return on the market portfolio is 10%. a) Calculate the expected return on the...
-
A manufacturing firm produces diesel engines in four citiesPhoenix, Seattle, St. Louis, and Detroit. The company is able to produce the following numbers of engines per month: Plant Production 1....
-
How is power related to energy and time? Be able to understand and solve problems involving the relationship between energy, power, and time in the contexts of solar power, hydropower, and wind...
-
You will choose a case from the topics of the chapter readings that applies to the employment regulations and laws. Students are to research a Supreme Court case involving one of the laws or acts...
-
You have an option for two different machines on your new project. Each machine will provide the same function, but there are differences in cost, benefits, life and other details. Expenses, machine...
-
If a person rejoins the labor force and starts looking for work, then what effect an unemployment rate would make in labor-force participation? Explain
-
Under the provisions of the Companies Act, 2017 comment on each of the following independent situations: (i) (ii) (iii) Opticians Limited (OL), a listed company, plans to appoint Yameen as an...
-
A project that provides annual cash flows of $15,300 for nine years costs $74,000 today. a. At a required return of 8 percent, what is the NPV of the project? Note: Do not round intermediate...
-
Question 39 (1 point) According to the insider-outsider theory of employment a) None of these answers correspond to the insider-outsider theory. Outsiders cause insiders to be fired by offering their...
-
How do the principles of (a) Physical controls and (b) Documentation controls apply to cash disbursements?
-
Tom Hruise was an entertainment executive who had a fatal accident on a film set. Tom's will directed his executor to distribute his cash and stock to his wife, Kaffie, the real estate to his church,...
-
In 2015, Tom and Amanda Jackson (married filing jointly) have $200,000 of taxable income before considering the following events: a) On May 12, 2015, they sold a painting (art) for $110,000 that was...
-
John bought 1,000 shares of Intel stock on October 18, 2012, for $30 per share plus a $750 commission he paid to his broker. On December 12, 2015, he sells the shares for $42.50 per share. He also...
-
Under what conditions could a CPA perform management consulting services for an audit client and not impair independence?
-
What does the rule on independence state about loans from audit clients?
-
Certain conditions must be met for CPAs to provide their audit clients with accounting services and still maintain their independence. Describe these conditions.
Study smarter with the SolutionInn App