Sean (age 71 at end of 2020)retired five years ago. The balance in his 401(k)account on December 31, 2019, was $1,840,000 and the balance in his account on December 31, 2020, was $1,955,000. Using the Treasury table below, what is Sean's required minimum distribution for 2020?
Definitions:
Capacity
The legal ability and authority to enter into binding contracts and obligations.
Covenant Not to Compete
A legal agreement where one party agrees not to enter into or start a similar profession or trade in competition against another party.
Domesticated Cat
A feline companion animal that has been tamed and kept by humans as a pet or for catching vermin, distinguished from wild cats.
Illegal
Activities or actions that are forbidden by law and subject to criminal penalties or fines.
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