Ian retired in December of 2022 at the age of 72 (his birthday is January...
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Accounting
Ian retired in December of 2022 at the age of 72 (his birthday is January 6). Ian's retirement account was valued at $506,000 at the end of 2021 and $510,000 at the end of 2022. He has had all of his retirement accounts open for 15 years.
Note: Leave no answers blank. Enter zero if applicable. Round your final answers to the nearest whole dollar amount.
Required:
What is Ian's required minimum distribution for 2022 and 2023 under each of the following alternative scenarios? (Use Exhibit 13-3)
- Ian's retirement account is a traditional 401(k) account.
- Ian's retirement account is a Roth 401(k) account.
- Ian's retirement account is a traditional IRA.
- Ian's retirement account is a Roth IRA.
EXHIBIT 13-3 Abbreviated Uniform Lifetime Table for Distributions
| Age of Participant | Distribution Period | Applicable Percentage* |
|---|---|---|
| 72 | 27.4 | 3.65 |
| 73 | 26.5 | 3.77 |
| 74 | 25.5 | 3.92 |
| 75 | 24.6 | 4.07 |
| 76 | 23.7 | 4.22 |
| 77 | 22.9 | 4.37 |
| 78 | 22.0 | 4.55 |
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