At age 50, Charles began receiving payments u set a distribution method that provides for substantially equal payments over his life. He had no basis in the account. At age 58, after he had received distributions totaling $14,000, he elected to receive the remaining benefits in a lump sum of $155,000. What amount of the total distribution is subject to the early distribution penalty?

Answer rating: 100% (QA)

Since Charles is taking the distribution at age 58 which is lower than the eligible no penalty age o... View the full answer