Reference no: EM132983641
Chad Boudreaux is a 58-year-old riverboat captain. He grew up in New Orleans and has worked on the Mississippi River his entire life. He works for a private company in New Orleans called Crescent River Pilots Inc. (CRP) and is married to Patricia, who is 35 years old. They have a seven-year-old son, named River. CRP sponsors a 401(k) plan that offers a Roth account and a separate ESOP.
Chad has the following retirement plan accounts:
Account Description
ESOP account from CRP - consists of CRP shares. The cost basis for the shares is $75,000.
401(k) Plan From CRP Inc. 401(k) Plan from Schlumberger, where he worked in his thirties
Roth IRA (established in 2000 with a $2,000 initial contribution; three years ago he rolled over a traditional IRA with a balance of $10,000)
Traditional IRA (established twenty years ago with $15,000 of after-tax contributions)
Inherited IRA from the death of his mom. She died in the same year Chad turned 50 years old.
Current FMV Beneficiary $400,000 $800,000
Patricia Patricia
River River
$90,000 $45,000
$90,000 $120,000
Problem 1. If Chad took a $20,000 distribution from his traditional IRA to pay for the vacation, what are the tax implications?
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