Tim has worked for one employer his entire career. While he was working, he participated in the employer's defined contribution plan [traditional 401(k)]. At the end of 2023, Tim retires. The balance in his defined contribution plan at the end of 2022 was $2,000,000. (Use Exhibit 13-3.) Note: Leave no answers blank. Enter zero if applicable. blem 13-57 Part d (Static) ssuming that Tim is 76 years old at the end of 2023 and his marginal tax rate is 32 percent, what amount of his distribution will he remaining after taxes if he receives only a distribution of $50,000 for 2023?

Tim has worked for one employer his entire career. While he was working, he participated in the employer's defined contribution plan [traditional 401(k)]. At the end of 2023, Tim retires. The balance in his defined contribution plan at the end of 2022 was $2,000,000. (Use Exhibit 13-3.) Note: Leave no answers blank. Enter zero if applicable. blem 13-57 Part d (Static) ssuming that Tim is 76 years old at the end of 2023 and his marginal tax rate is 32 percent, what amount of his distribution will he remaining after taxes if he receives only a distribution of $50,000 for 2023?

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 52P

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