Sean (age 74 at end of 2020) retired five years ago. The balance in his 401)...
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Sean (age 74 at end of 2020) retired five years ago. The balance in his 401) account on December 31, 2019, was $1.700,000 and the balance in his account on December 31, 2020, was $1,750.000. In 2020, Sean recelved a distribution of $50,000 from his 401(k) account. Assuming Sean's marginal tax rate is 25 percent, what amount of the $50,000 distribution will Sean have left after paying income tax on the distribution and paying any minimum distribution penalties (use the Treasury table below in determining the required minimum distribution penalty. If any). Age of Participant Distribution Period Applicable Percentage 70 71 72 27.4 26.5 3.65% 3.77% 3.91% 25.6 73 24.7 4.es% 74 23.8 4.20% 75 22.9 4.37% Sean (age 74 at end of 2020) retired five years ago. The balance in his 401) account on December 31, 2019, was $1.700,000 and the balance in his account on December 31, 2020, was $1,750.000. In 2020, Sean recelved a distribution of $50,000 from his 401(k) account. Assuming Sean's marginal tax rate is 25 percent, what amount of the $50,000 distribution will Sean have left after paying income tax on the distribution and paying any minimum distribution penalties (use the Treasury table below in determining the required minimum distribution penalty. If any). Age of Participant Distribution Period Applicable Percentage 70 71 72 27.4 26.5 3.65% 3.77% 3.91% 25.6 73 24.7 4.es% 74 23.8 4.20% 75 22.9 4.37%
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Financial Accounting An Introduction to Concepts, Methods and Uses
ISBN: 978-1133591023
14th edition
Authors: Roman L. Weil, Katherine Schipper, Jennifer Francis
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