Sean (Age 74 at End of 2020)retired Five Years Ago

question 36

Essay

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 $1,750,000. In 2020, 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 Treasury table below in determining therequired minimum distribution penalty, if any).

---

Definitions:

Thorndike

Edward L. Thorndike was an American psychologist known for his work in comparative psychology and the theory of connectionism which helped lay the scientific foundation for educational psychology.

Scientific Community

A collective of scientists and researchers who share knowledge, collaborate on projects, and contribute to the advancement of science through publications and peer review.

Thorndike

An American psychologist famous for his work on learning theory that led to the development of operant conditioning within behaviorism.

Skinner

B.F. Skinner was a psychologist and behaviorist who developed theories of operant conditioning and introduced the concept of reinforcement.