Kay turned 73 on March 17th of Year 2 (which was after the year 2023 and before the year 2033). Her profit-sharing account balance was $500,000 at the end of Year 1 and $550,000 at the end of Year 2. Her beneficiary is her favorite granddaughter, Jordan, who turned 12 years old on July 23rd of Year 2. Assume that the joint life expectancy factor for a 73-year-old and a 12-year-old is 73 and the joint life expectancy for a 74-year-old and a 13-year-old is 72. Also, assume that the life expectancy factor based on the uniform lifetime table for someone who is 72, 73 and 74, is 27.4, 26.5, and 25.5, respectively. Kay takes a distribution of $10,000 in November of Year 1 and in Year 2. What is the Kay's minimum distribution for Year2? $18,868. $6,849. O $20,073. $20.755

Shemar and Jordan are cousins who were both born on the same day, and both turned 25 today. Their grandfather began putting $2,900 per year into a trust fund for Shemar on his 20th birthday, and he just made a 6th payment into the fund. The grandfather (or his estate's trustee) will make 40 more $2,900 payments until a 46th and final payment is made on Shemar's 65th birthday. The grandfather set things up this way because he wants Shemar to work, not be a "trust fund baby," but he also wants to ensure that Shemar is provided for in his old age. Until now, the grandfather has been disappointed with Jordan, hence has not given him anything. However, they recently reconciled, and the grandfather decided to make an equivalent provision for Jordan. He will make the first payment to a trust for Jordan today, and he has instructed his trustee to make 40 additional equal annual payments until Jordan turns 65, when the 41st and final payment will be made. If both trusts earn an annual return of…

Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2022). In 2022, her net Schedule C income was $304,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.   Problem 13-85 Part b (Algo) b. She sets up an individual 401(k).

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