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Calculate the amount of his distribution for years

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Question - Terrance is age 71 and retired. Beginning in 2020, he must start taking minimum distributions from his IRA account that had a balance of $120,000 as of December 31, 2019. Make these three assumptions: his IRA will earn 10% per year, he will withdraw the minimum distribution on the last day of each calendar year, and only one distribution will be taken in 2020.

Required - Calculate the amount of his distribution for years 2020 through 2024 and the ending balance in his IRA account on December 31, 2024.

Reference no: EM133071568

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