Jose, age 70 and ½ in October of this year, worked for several companies over his lifetime. He ha...
Jose, age 70 and ½ in October of this year, worked for several companies over his lifetime. He has worked for the following companies (A – E), and still has the following qualified plan account balances at those companies. Jose is currently employed with Company E. What is his required minimum distribution for the current year from all plans? Life expectancy tables are 27.4 for age 70 and 26.5 for age 71.
| company | Jose' account balance |
| A | $250,000 |
| B | $350,000 |
| C | $150,000 |
| D | $350,000 |
| e | $200,000 |
Homework Answers
Joe does not need to withdraw from the qualified plan at company E since he is still working there, as per the exception to the RMD rule. The applicable distribution for Joe is 27.4
| Company | A/C balance | A/C balance/27.4 |
| A | 2,50,000 | 9,124.09 |
| B | 3,50,000 | 12,773.72 |
| C | 1,50,000 | 5,474.45 |
| D | 3,50,000 | 12,773.72 |
| E | 2,00,000 | 0.00 |
| Total | 40,145.99 |
Joe's required RMD = 40,145.99 or 40,146
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