RBD for an Employed 701/2+ yr old
I would like some assistance on figuring out the required beginning date for the following:
1) Over 701/2 years old
2) Still working
3) Profit Sharing plan terminated, and funds rolled over to IRA this year (2008)
4) Has not taken any RMDs yet
If this person still had the profit sharing plan in place, no RMD’s would be required because he’s still working. However, I’m wondering if this person needs to take an RMD this year because the funds were rolled into an IRA…or is next year (2009) the first year or RBD? The IRA custodian does not have the 2007 Dec. 31 value (of course). The profit sharing plan was in place until March of 2008.
Any help would be appreciated
Permalink Submitted by mk foss on Sat, 2008-10-04 00:46
There would be no IRA RMD until 2009 because any 2008 RMD would be based on the 12/31/2007 balance.