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:
Alternative Minimum Tax
A parallel tax system to the regular income tax that ensures that certain taxpayers pay at least a minimum amount of tax.
Corporations
Legal entities that are separate from their owners, capable of owning property, entering contracts, and being taxed.
Subject
A broad term typically referring to the main topic or person being discussed or studied.
Schedule M-1
A form used by corporations in the U.S. to reconcile income reported for tax purposes with income reported for financial reporting purposes.
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