Zena must start taking distributions from her traditional IRA beginning April 1,2017.At the end of 2016,the plan had a balance of $220,000 and Zena was 71 years old.What minimum amount must Zena take as a distribution from the IRA beginning April 1,2017?

Question

Quizplus · Accepted Answer

To calculate the minimum distribution amount, we can use the IRS Uniform Lifetime Table. According to the table, at age 71, Zena's distribution period is 26.5 years. Thus, the minimum distribution for 2017 would be calculated as:

$220,000 ÷ 26.5 = $8,301.87 (rounded to the nearest cent)

Therefore, the minimum distribution amount Zena must take from the IRA beginning April 1, 2017, would be $8,302.

Zena Must Start Taking Distributions from Her Traditional IRA Beginning