what is his RMD amount for the current tax year?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Your third client just celebrated his 72nd birthday in February. He recently
sold the Subway that he owned for 30 years. His wife is two years older
than he is. His IRA was worth $1,859,203.46 on December 31st of last
year, but it is worth $2,450,891.76 now. Factoring for the SECURE Act of
2019, what is his RMD amount for the current tax year? Round your
answer to the nearest dollar amount.
Transcribed Image Text:Your third client just celebrated his 72nd birthday in February. He recently sold the Subway that he owned for 30 years. His wife is two years older than he is. His IRA was worth $1,859,203.46 on December 31st of last year, but it is worth $2,450,891.76 now. Factoring for the SECURE Act of 2019, what is his RMD amount for the current tax year? Round your answer to the nearest dollar amount.
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