Business, 18.06.2020 22:57 dukkchild666

George is 73 years old and retired. He was told that he should withdraw $15,000 from his 401(k) to meet his required minimum distribution. George does not feel like he needs the money, so he decides not to take his withdrawal. Which of the following describes the taxable consequence of his decision?A : If George can prove to the IRS that he does not need to take a required minimum distribution to pay his bill, he will not have to pay taxes. B : George will have to pay $15,000 in taxes because when it comes to required minimum distributions if you do not use it, you will use it. C : George will have to pay $1,500, which is the 10% penalty for failing to take the required minimum distribution. D : George will have to pay $7,500, which is the 50% tax on the amount that he should have taken for his required minimum distribution.

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George is 73 years old and retired. He was told that he should withdraw $15,000 from his 401(k) to m...