Required information Problem 13-57 (LO 13-2) (Static) [The following information applies to the questions displayed below.] Tim has worked for one employer his entire career. While he was working, he participated in the employer's defined contribution plan [traditional 401(k)]. At the end of 2023, Tim retires. The balance in his defined contribution plan at the end of 2022 was $2,000,000. (Use Exhibit 13-3.) Note: Leave no answers blank. Enter zero if applicable. Problem 13-57 Part c (Static) c. What is Tim's required minimum distribution for 2023 that must be distributed in 2024 if he turns 75 years old in 2023? Minimum required distribution
Required information Problem 13-57 (LO 13-2) (Static) [The following information applies to the questions displayed below.] Tim has worked for one employer his entire career. While he was working, he participated in the employer's defined contribution plan [traditional 401(k)]. At the end of 2023, Tim retires. The balance in his defined contribution plan at the end of 2022 was $2,000,000. (Use Exhibit 13-3.) Note: Leave no answers blank. Enter zero if applicable. Problem 13-57 Part c (Static) c. What is Tim's required minimum distribution for 2023 that must be distributed in 2024 if he turns 75 years old in 2023? Minimum required distribution
Chapter19: Deferred Compensation
Section: Chapter Questions
Problem 41P
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![Required information
Problem 13-57 (LO 13-2) (Static)
[The following information applies to the questions displayed below.]
Tim has worked for one employer his entire career. While he was working, he participated in the employer's defined
contribution plan [traditional 401(k)]. At the end of 2023, Tim retires. The balance in his defined contribution plan at the
end of 2022 was $2,000,000. (Use Exhibit 13-3.)
Note: Leave no answers blank. Enter zero if applicable.
Problem 13-57 Part c (Static)
c. What is Tim's required minimum distribution for 2023 that must be distributed in 2024 if he turns 75 years old in 2023?
Minimum required distribution](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F01ba3854-7370-47a9-bee3-829d7963b26d%2Fa6829d99-9832-43b9-bce7-e18f93097b28%2F7ll67uq_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
Problem 13-57 (LO 13-2) (Static)
[The following information applies to the questions displayed below.]
Tim has worked for one employer his entire career. While he was working, he participated in the employer's defined
contribution plan [traditional 401(k)]. At the end of 2023, Tim retires. The balance in his defined contribution plan at the
end of 2022 was $2,000,000. (Use Exhibit 13-3.)
Note: Leave no answers blank. Enter zero if applicable.
Problem 13-57 Part c (Static)
c. What is Tim's required minimum distribution for 2023 that must be distributed in 2024 if he turns 75 years old in 2023?
Minimum required distribution
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