Sean (age 74 at end of 2018) retired five years ago. The balance in his 401(k) account on December 31, 2017 was $1,700,000 and the balance in his account on December 31, 2018 was $1,750,000. In 2018, Sean received a distribution of $50,000 from his 401(k) account. Assuming Sean's marginal tax rate is 25 percent, what amount of the $50,000 distribution will Sean have left after paying income tax on the distribution and paying any minimum distribution penalties (use the IRS table below in determining the minimum distribution penalty, if any).
Definitions:
Church
A building used for public Christian worship or a Christian religious organization.
School
An institution designed for the teaching of students under the direction of teachers, typically involving a series of levels in the education system.
Social Rules
Norms and guidelines that dictate acceptable behavior and interactions within a society.
Cross-gender Contact
Interactions between individuals of different gender identities, often analyzed to understand socialization and gender dynamics.
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