Kimberly participates in a 401(k ) plan through her employer, but does not plan on retiring anytime soon. She is 70 years old on the last day of this year, which means she is subject to mandatory minimum distribution rules on April 1 of the following year. If her qualified account balance as of the end of last year was $500,000 what will the minimum distribution she has to take from her 401(k) plan (round to the nearest dollar)?
Distribution Factor (Listed on Calculation Table) = 27.4
Minimum Distribution = Account's Balance / Distribution Factor
= $500,000 / 27.4
Minimum Distribution = $ 18,248
Kimberly participates in a 401(k ) plan through her employer, but does not plan on retiring...
Ms. Jost participates in her employer's Section 401(k) plan, which obligates the employer to contribute 25 cents for every dollar that an employee elects to contribute to the plan. This year, Ms. Jost's salary is $110,000, and she elects to contribute the maximum to her Section 401(k) account. a. How much of Ms. Jost's salary is taxable this year? b. Compute the total contribution to Ms. Jost's plan. c. Compute the employer's deduction for compensation paid to Ms. Jost Complete...
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