Jose, age 70 and ½ in October of this year, worked for several companies over his...

Jose, age 70 and ½ in October of this year, worked for several companies over his lifetime. He has worked for the following companies (A – E), and still has the following qualified plan account balances at those companies. Jose is currently employed with Company E. What is his required minimum distribution for the current year from all plans? Life expectancy tables are 27.4 for age 70 and 26.5 for age 71.

company	Jose' account balance
A	$250,000
B	$350,000
C	$150,000
D	$350,000
e	$200,000

Expert Solution

Joe does not need to withdraw from the qualified plan at company E since he is still working there, as per the exception to the RMD rule. The applicable distribution for Joe is 27.4

Company	A/C balance	A/C balance/27.4
A	2,50,000	9,124.09
B	3,50,000	12,773.72
C	1,50,000	5,474.45
D	3,50,000	12,773.72
E	2,00,000	0.00
	Total	40,145.99

Joe's required RMD = 40,145.99 or 40,146

jeff jeffy answered 11 months ago

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Jose, age 70 and ½ in October of this year, worked for several companies over his...

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