Which of the following taxpayers calculated their excise tax for not taking their full required minimum distribution (RMD) correctly? A) Carla. Carla's RMD for 2023 was $4,000. She took $2,000 in distributions during the year. She took the remaining amount in January 2025. She calculated a $200 excise tax. B) Dean. Dean's RMD for 2023 was $3,000. He took $1,500 in distributions during the year. He did not take the remaining amount at a later date. He calculated a $150 excise tax. C) Sindee. Sindee's RMD for 2023 was $4,000. She took $1,000 in distributions during the year. She did not take the remaining amount at a later date. She calculated a $1,500 excise tax. D) Thomas. Thomas' RMD for 2023 was $3,000. He took $0 in distribution during the year and did not take the remaining amount at a later date. He calculated a $300 excise tax.

Which of the following taxpayers calculated their excise tax for not taking their full required minimum distribution (RMD) correctly? A) Carla. Carla's RMD for 2023 was $4,000. She took $2,000 in distributions during the year. She took the remaining amount in January 2025. She calculated a $200 excise tax. B) Dean. Dean's RMD for 2023 was $3,000. He took $1,500 in distributions during the year. He did not take the remaining amount at a later date. He calculated a $150 excise tax. C) Sindee. Sindee's RMD for 2023 was $4,000. She took $1,000 in distributions during the year. She did not take the remaining amount at a later date. She calculated a $1,500 excise tax. D) Thomas. Thomas' RMD for 2023 was $3,000. He took $0 in distribution during the year and did not take the remaining amount at a later date. He calculated a $300 excise tax.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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