Required information [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 d contribution plan [traditional 401(k)]. At the end of 2022, Tim retires. The balance in his defined contribution pl end of 2021 was $2,000,000. (Use Exhibit 13-3.) Note: Leave no answers blank. Enter zero if applicable. Cequired: b-1. What is Tim's required minimum distribution for 2022 if he turns 72 during 2022? b-2. When must he receive this distribution? Complete this question by entering your answers in the tabs below. Required B1 Required B2 What is Tim's required minimum distribution for 2022 if he turns 72 during 2022?
Required information [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 d contribution plan [traditional 401(k)]. At the end of 2022, Tim retires. The balance in his defined contribution pl end of 2021 was $2,000,000. (Use Exhibit 13-3.) Note: Leave no answers blank. Enter zero if applicable. Cequired: b-1. What is Tim's required minimum distribution for 2022 if he turns 72 during 2022? b-2. When must he receive this distribution? Complete this question by entering your answers in the tabs below. Required B1 Required B2 What is Tim's required minimum distribution for 2022 if he turns 72 during 2022?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[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 2022, Tim retires. The balance in his defined contribution plan at the
end of 2021 was $2,000,000. (Use Exhibit 13-3.)
Note: Leave no answers blank. Enter zero if applicable.
Cequired:
b-1. What is Tim's required minimum distribution for 2022 if he turns 72 during 2022?
b-2. When must he receive this distribution?
Complete this question by entering your answers in the tabs below.
Required B1 Required B2
What is Tim's required minimum distribution for 2022 if he turns 72 during 2022?
Minimum required distribution
< Required B1
Required B2 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fea6bde4e-c725-4e00-a32f-5e39c02069ee%2F3fde2fba-238b-4a7e-82a5-c023dd8f3bcd%2Fy71sll_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[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 2022, Tim retires. The balance in his defined contribution plan at the
end of 2021 was $2,000,000. (Use Exhibit 13-3.)
Note: Leave no answers blank. Enter zero if applicable.
Cequired:
b-1. What is Tim's required minimum distribution for 2022 if he turns 72 during 2022?
b-2. When must he receive this distribution?
Complete this question by entering your answers in the tabs below.
Required B1 Required B2
What is Tim's required minimum distribution for 2022 if he turns 72 during 2022?
Minimum required distribution
< Required B1
Required B2 >
Transcribed Image Text:EXHIBIT 13-3 Abbreviated Uniform Lifetime Table for Distributions in 2022
Age of Participant Distribution Period Applicable Percentage*
72
73
74
75
76
77
78
27.4
26.5
25.5
24.6
23.7
22.9
22.0
3.65
3.77
3.92
4.07
4.22
4.37
4.55
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