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2022 2023 a. Required minimum distribution b. Required minimum distribution c. Required minimum distribution 13,140 × 13,572 0 ☑ 0 ☑ 13,140 x d. Required minimum distribution 0 13,572 ✓ 0 EXHIBIT 13-3 Abbreviated Uniform Lifetime Table for Distributions Age of Participant Distribution Period Applicable Percentage* 72 27.4 3.65 73 26.5 3.77 74 25.5 3.92 75 24.6 4.07 76 23.7 4.22 77 22.9 4.37 78 22.0 4.55 *The applicable percentage is calculated by dividing 1 by the relevant distribution period. Source: Treasury Decision 9930 (November 8, 2020), https://public-inspection.federalregister.gov/2020-24723.pdf

2022 2023 a. Required minimum distribution b. Required minimum distribution c. Required minimum distribution 13,140 × 13,572 0 ☑ 0 ☑ 13,140 x d. Required minimum distribution 0 13,572 ✓ 0 EXHIBIT 13-3 Abbreviated Uniform Lifetime Table for Distributions Age of Participant Distribution Period Applicable Percentage* 72 27.4 3.65 73 26.5 3.77 74 25.5 3.92 75 24.6 4.07 76 23.7 4.22 77 22.9 4.37 78 22.0 4.55 *The applicable percentage is calculated by dividing 1 by the relevant distribution period. Source: Treasury Decision 9930 (November 8, 2020), https://public-inspection.federalregister.gov/2020-24723.pdf

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ian retired in December of 2022 at the age of 72 (his birthday is January 6). Ian's retirement account was valued at $352,000 at the end of 2021 and $360,000 at the end of 2022. He has had all of his retirement accounts open for 15 years.

Note: Leave no answers blank. Enter zero if applicable. Round your final answers to the nearest whole dollar amount.

Required:

What is Ian's required minimum distribution for 2022 and 2023 under each of the following alternative scenarios? (Use Exhibit 13-3)

  1. Ian's retirement account is a traditional 401(k) account.
  2. Ian's retirement account is a Roth 401(k) account.
  3. Ian's retirement account is a traditional IRA.
  4. Ian's retirement account is a Roth IRA.
     
2022 2023 a. Required minimum distribution b. Required minimum distribution c. Required minimum distribution 13,140 × 13,572 0 ☑ 0 ☑ 13,140 x d. Required minimum distribution 0 13,572 ✓ 0
Transcribed Image Text:2022 2023 a. Required minimum distribution b. Required minimum distribution c. Required minimum distribution 13,140 × 13,572 0 ☑ 0 ☑ 13,140 x d. Required minimum distribution 0 13,572 ✓ 0
EXHIBIT 13-3 Abbreviated Uniform Lifetime Table for Distributions Age of Participant Distribution Period Applicable Percentage* 72 27.4 3.65 73 26.5 3.77 74 25.5 3.92 75 24.6 4.07 76 23.7 4.22 77 22.9 4.37 78 22.0 4.55 *The applicable percentage is calculated by dividing 1 by the relevant distribution period. Source: Treasury Decision 9930 (November 8, 2020), https://public-inspection.federalregister.gov/2020-24723.pdf
Transcribed Image Text:EXHIBIT 13-3 Abbreviated Uniform Lifetime Table for Distributions Age of Participant Distribution Period Applicable Percentage* 72 27.4 3.65 73 26.5 3.77 74 25.5 3.92 75 24.6 4.07 76 23.7 4.22 77 22.9 4.37 78 22.0 4.55 *The applicable percentage is calculated by dividing 1 by the relevant distribution period. Source: Treasury Decision 9930 (November 8, 2020), https://public-inspection.federalregister.gov/2020-24723.pdf
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