Question

In: Finance

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

Solutions

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 1 year ago
Next > < Previous

Related Solutions

Jose, age 25, currently saves $13500 per year in his retirement account which is expected to...
Jose, age 25, currently saves $13500 per year in his retirement account which is expected to earn 5% return. Jose is planning to retire at 62 and needs to fund his retirement upto age, 85. He has estimated that the annual amount needed during retirement would be $47,000 in today's dollar terms. The inflation rate is expected to be 1.5%. Calculate the shortfall (if any) in his retirement account at the beginning of retirement.
A study is being conducted to determine whether drivers at or over the age of 70...
A study is being conducted to determine whether drivers at or over the age of 70 have longer reaction times in a simple driving task than drivers aged less than 70. A Simple random sample of 50 drivers at or over age 70, and another Simple random sample of 60 drivers under age 70 is selected. Each driver’s reaction time to a specific driving activity was measured in a laboratory, and the reaction times in minutes were recorded. The sample...
n October 2010, Tom Chong was on his way to his office and thinking about several...
n October 2010, Tom Chong was on his way to his office and thinking about several issues he would have to deal with in the coming weeks. Chong was Jextra Stores (Jextra) country manager for the Neighbourhood Markets Division in Malaysia. One issue involved a conversation with the mayor of Klang, a town near Malaysia’s capital city of Kuala Lumpur. Chong had been seeking to expand to Klang for some time. The mayor surprised Chong with an offer to help...
Mary has worked several positions in a company over 10 years. Mary received several warnings from...
Mary has worked several positions in a company over 10 years. Mary received several warnings from the company during this time, and she filed several grievances with the local union  in return. Mary was suspended in March for missing a day of work. She filed two grievances that day and was fired a week later. Mary filed an unfair labor practice charge with the union, and an arbitration was held pursuant to the collective bargaining agreement between the company and the...
Jose Bretado is an 70 year old male w/no reported PMH. Went to bed last night...
Jose Bretado is an 70 year old male w/no reported PMH. Went to bed last night at 2000, when patient was last known normal. This morning, patient's roommate found him down with Left sided weakness at 0700 and called EMS. Upon their arrival, patient found to be tachycardiac to the 180s and given adenosine. Upon arrival to ED, patient found to be in afib. CT-A showed a Right MCA occlusion. Stroke Code activated and patient prepped for possible embolectomy. Significant...
A large study of adults over the age of 70 was conducted. There were 4989 whites...
A large study of adults over the age of 70 was conducted. There were 4989 whites and 906 blacks included in the study. The researchers asked about medical conditions associated with the elderly (such as stroke, cancer, heart disease, hypertension. etc.) and about any difficulty the subjects had with the activities of daily living. 529 of the 4989 elderly whites reported having had a stroke, and 103 of the 906 elderly blacks reported having had a stroke. (a) Compute the...
A large study of adults over the age of 70 was conducted. There were 4989 whites...
A large study of adults over the age of 70 was conducted. There were 4989 whites and 906 blacks included in the study. The researchers asked about medical conditions associated with the elderly (such as stroke, cancer, heart disease, hypertension. etc.) and about any difficulty the subjects had with the activities of daily living. 529 of the 4989 elderly whites reported having had a stroke, and 103 of the 906 elderly blacks reported having had a stroke. (a) Compute the...
Speak to an elderly individual you know (over the age of 70). Schedule to spend at...
Speak to an elderly individual you know (over the age of 70). Schedule to spend at least 20 minutes with them. Ask them the following questions: What is their favorite memory from childhood? What is their favorite memory from middle adulthood? Ask them the last song they heard on the radio, the last book they read, or what they need from the grocery store. Ask them if any of the questions were difficult to answer. Ask if they would share...
____   1.   Al single, age 70, and has gross income of $100,000. His deductible expenses are...
____   1.   Al single, age 70, and has gross income of $100,000. His deductible expenses are as follows: Alimony $9,000 Charitable contributions 5,000 Contribution to a traditional IRA 4,000 Medical expenses 11,850 State income taxes 4,000 Expenses paid on rental property 8,000 Unreimbursed moving expenses to a new job in a new city (400 miles away) 1,000 Interest on home mortgage and property taxes on personal residence 8,000 State income tax 9,000 What is Al’s medical deduction? a. $2,300. b....
A recent study found that 70% of all people over 60 years of age wear glasses....
A recent study found that 70% of all people over 60 years of age wear glasses. If a random sample of 8 people over 60 years of age was selected, find these probabilities: a) Exactly 4 people will wear glasses. b) At most 2 people will wear glasses. c) At least 2 people will wear glasses. Show work and use binomial probability table.
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT