First RMD from Rollover IRA
I will be 70 in July 2014 and 70 1/2 in January 2015. I believe I have until April 15, 2016 to take my first RMD from my Rollover IRA. Is that correct? Will I have to take another RMD before December 31, 2016?
I will be 70 in July 2014 and 70 1/2 in January 2015. I believe I have until April 15, 2016 to take my first RMD from my Rollover IRA. Is that correct? Will I have to take another RMD before December 31, 2016?
Permalink Submitted by Alan - IRA critic on Sat, 2013-02-23 20:13
Yes, your first RMD distribution year is 2015 and the 2015 RMD can be delayed up to 4/1/2016 (not 4/15). If you defer your 2015 RMD to 2016 then you will have to take two RMDs in 2016 and that could inflate your marginal rate. Usually, it is better to take your first RMD in the RMD year and not defer it.