RMD from 401k rollover to IRA
I am still working and participating in the 401k plan. During 2012 I took an in-service distribution and rolled part of my 401k balance to an IRA. I was over 70 1/2 on 1/1/2012.
Do I need to take an RMD distribution on the IRA for 2012? Am I exempt for 2012 since I did not have an iRA balance on 12/31/2011? if I am subject to a 2012 RMD how is it calaculated and when must it be taken? I have not other IRAs except this new rollover account. I am still working.
Thanks
Permalink Submitted by mk foss on Wed, 2012-11-07 01:20
A 2012 RMD is based on the IRA balance 12/31/11. With no balance, there is no 2012 RMD. For 2013, the RMD will be based on the FMV of the IRA on 12/31/12 and your age 12/31/13.