Riley participates in his employer's 401(k) plan. He turns 71 years of age on October 15, 2023, and he plans on retiring on December 1, 2023. When must Riley receive his first distribution from the plan to avoid minimum distribution penalties?

Riley participates in his employer's 401(k) plan. He turns 71 years of age on October 15, 2023, and he plans on retiring on December 1, 2023. When must Riley receive his first distribution from the plan to avoid minimum distribution penalties?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter15: Choice Of Business Entity—other Considerations

Section: Chapter Questions

Problem 54P

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Concept explainers

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.

Question

Question 7

Riley participates in his employer's 401(k) plan. He turns 71 years of age on October 15, 2023, and he plans on retiring on December 1, 2023. When must
Riley receive his first distribution from the plan to avoid minimum distribution penalties?
Multiple Choice
By April 1, 2024
By April 1, 2026
By April 1, 2023
By April 1, 2025

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Accounting for Employee Compensations and Benefits

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