Sean (Age 70 at End of 2020)retired Five Years Ago

question 149

Essay

Sean (age 70 at end of 2020)retired five years ago. The balance in his 401(k)account on December 31, 2019, was $2,080,000 and the balance in his account on December 31, 2020, was $2,140,000. In 2020, Sean received a distribution of $60,000 from his 401(k)account. Assuming Sean's marginal tax rate is 25 percent, what amount of the $60,000 distribution will Sean have left after paying income tax on the distribution and paying any minimum distribution penalties (use the Treasury table below in determining the required minimum distribution penalty, if any).

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Definitions:

Housing Choices

The range of residential options available to individuals and families, depending on factors like income, location, and personal preference.

Equal Rights Amendment

A proposed amendment to the U.S. Constitution aimed at guaranteeing equal legal rights for all American citizens regardless of sex.

Ratify

To formally validate an agreement, treaty, or constitution, making it officially valid and binding.

Women

Female human beings, often highlighted in discussions about gender equality, reproductive rights, and social roles.