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Ian retired in December of 2022 at the age of 72 (his birthday is January...

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Accounting

Ian retired in December of 2022 at the age of 72 (his birthday is January 6). Ian's retirement account was valued at $506,000 at the end of 2021 and $510,000 at the end of 2022. He has had all of his retirement accounts open for 15 years.

Note: Leave no answers blank. Enter zero if applicable. Round your final answers to the nearest whole dollar amount.

Required:

What is Ian's required minimum distribution for 2022 and 2023 under each of the following alternative scenarios? (Use Exhibit 13-3)

  1. Ian's retirement account is a traditional 401(k) account.
  2. Ian's retirement account is a Roth 401(k) account.
  3. Ian's retirement account is a traditional IRA.
  4. Ian's retirement account is a Roth IRA.

EXHIBIT 13-3 Abbreviated Uniform Lifetime Table for Distributions

Age of Participant Distribution Period Applicable Percentage*
72 27.4 3.65
73 26.5 3.77
74 25.5 3.92
75 24.6 4.07
76 23.7 4.22
77 22.9 4.37
78 22.0 4.55

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