Sean (Age 74 at End of 2016) Retired Five Years

question 99

Essay

Sean (age 74 at end of 2016) retired five years ago. The balance in his 401(k) account on December 31, 2015 was $1,700,000 and the balance in his account on December 31, 2016 was $1,750,000. In 2016, 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).

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Definitions:

Visible Property

A setting used in programming and software development to control whether an element, such as a user interface component, is displayed or hidden.

Control

Any interface item used to accept input from the user or to display information, such as buttons, sliders, and text fields.

Database Documenter

A functionality that produces detailed descriptions and specifications of the contents of a database, aiding in understanding and managing the database structure.

Access Database

An integrated database management system by Microsoft, incorporating the relational qualities of the Microsoft Jet Database Engine, alongside a graphical user interface and resources for software development.