Seth owns 50 percent of SM LLC, where he is the CEO. He turned 70 on May 3rd of this year. He continues to participate in the SM LLC 401(k) plan and receive contributions to the profit sharing plan. Which of the following is correct?
1. Since Seth is still working, he does not have to take minimum distributions until after he retires
2. Seth must satisfy the minimum distribution rules by taking distributions by December 31st of next year
3. Seth can satisfy his minimum distribution requirement by taking money out of an IRA
4. Seth can satisfy his current year minimum distribution requirement by taking a distribution anytime this year.