2010 RMD
If I turned 70 1/2 in Nov 2009 do I need to take my RMD by April of this year or can I wait until end of year. Why?
Thx.
If I turned 70 1/2 in Nov 2009 do I need to take my RMD by April of this year or can I wait until end of year. Why?
Thx.
Permalink Submitted by Anonymous (not verified) on Fri, 2010-01-15 16:56
The IRS rules state that RMDs must begin in the year the taxpayer turns 70 1/2. That would be 2009 for you. You are allowed to postpone this first RMD until April 1 of the following year, but must also take your second RMD (for 2010) by 12/31/2010, as the deadline from now on is always year-end.
Luckily, RMDs were waived for 2009, so you will have to abide by these rules and now take your 2010 RMD by the 12/31 deadline described above.
pmk