RMD for owner of firm?
Good afternoon,
I wanted to confirm this. Client is owner of his firm and has a retirement plan with us. I believe it is a Money Purchase Pension Plan and he just turned 70 & 1/2 this year. I sure RMD’s from his IRA this year but also his employer plan too since he is the company owner? Is that correct?
Thanks in advance,
Permalink Submitted by mk foss on Tue, 2011-06-14 21:06
You are correct – anyone who owns 5% or more of the business must take RMDs from the company retirement plan.