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:
Net Cash Flow
The total amount of money being transferred into and out of a business, specifically the sum of cash receipts minus cash payments over a given period of time.
Maximum Cost
The highest possible expense that can be incurred for a specific activity, project, or purchase.
Method
A systematic way of accomplishing something. In a financial context, this could refer to a specific approach or procedure adopted for accounting or analysis purposes.
Average Rate of Return Method
A method of evaluating capital investments by calculating the average annual profit expected from the investment and dividing it by the initial investment cost.
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