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Mark, who is single, must start making distributions from his pension plan beginning April 1, 2018. At the end of 2017 when Mark was 71 years old, the plan had a balance of $220,000. He will use a single life expectancy. What amount must Mark take as a distribution from the pension plan no later than April 1, 2018?

Respuesta :

Tundexi

Answer:

$13,496.93

Explanation:

At the end of 2017, plan had a balance of 220,000

Life expectancy factor at the age of 71 is 16.3 as per single life Expectancy table

So, Distribution amount = $220,000 / 16.3

= 13496.93251533742

= $13,496.93

So, the amount Mark must take as a distribution from the pension plan no later than April 1, 2018 is $13,496.93

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