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mark is single and must start taking distributions from his traditional ira beginning april 1, 2021. at the end of 2020 when mark was 71 years old, the ira had a balance of $110,000. what amount must mark take as a distribution from the ira by april 1, 2021?

Respuesta :

$4,151 amount must Mark take as a distribution from the Individual Retirement Act by April 1, 2021 when the IRA had a balance of $110,000.

There are three steps in the RMD calculation for traditional Individual Retirement Act account holders:The account's balance as of December 31 of the preceding year should be noted. Locate the distribution factor on the calculation tables that matches your age as of the current year's birthday.

To calculate the RMD, divide the account balance by the factor number.

Mark is single and must start taking distributions from his traditional IRA beginning April 1, 2021. at the end of 2020 when Mark was 71 years old.

The distribution factor for age 71 is

26.5%RMD= 110,000/26.5% = 4151

Hence Mark must $4151 as a distribution from the IRA by April, 2021  

To learn more about IRA click here:

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