Born July 1, 1942 – When Turns 70-1/2?
Hi – I have a client born 7/1/42. For purposes of RMD, does he turn 70-1/2 on 12/31/12, or on 1/1/13? Obviously, the answer determines if he must take an RMD in 2012 or not. Thank you.
Hi – I have a client born 7/1/42. For purposes of RMD, does he turn 70-1/2 on 12/31/12, or on 1/1/13? Obviously, the answer determines if he must take an RMD in 2012 or not. Thank you.
Permalink Submitted by Peter Lingane on Sat, 2012-01-07 16:31
January 1. The IRS defines “age 70½” in Reg. 1.401(a)(9)-2 as six calendar months after the 70th anniversary of birth. Unfortunately, there is not an equally clear definition of age 59½.
Permalink Submitted by Steve Feiertag on Sat, 2012-01-07 17:11
Thank you very much.