Sean (age 74 at end of 2020)retired five years ago. The balance in his 401(k)account on December 31, 2019, was $1,700,000 and the balance in his account on December 31, 2020, was $1,800,000. Using the Treasury tables below, what is Sean's required minimum distribution for 2020?
Definitions:
Credit Terms
Statements of the credit period and any discounts offered—for example, 2/10, net 30.
Discount Period
The time interval between when a bill of exchange is issued and its payment date, during which the bill is sold at a discount from face value.
2/10, Net 30
A common credit term indicating that a buyer can take a 2% discount on the invoice price if payment is made within 10 days, otherwise, the full invoice amount is due in 30 days.
Accruals
Adjustments in accounting for income that has been generated but not yet documented, and for costs that have been accrued but not yet documented.
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