RMD after retirement age 80
Client age 80 will retire on 12/31/2013. In january 2014 he will establish an IRA and rollover his deferred comp to the IRA. Is he required to take an RMD in 2014 or can he wait until 2015?
Client age 80 will retire on 12/31/2013. In january 2014 he will establish an IRA and rollover his deferred comp to the IRA. Is he required to take an RMD in 2014 or can he wait until 2015?
Permalink Submitted by Alan - IRA critic on Tue, 2013-12-03 17:57
The plan RMD for 2013 must be distributed prior to 4/1/2014 and the 2014 plan RMD must be distributed prior to 12/31/2014, and neither RMD amount should be included in an IRA rollover should the rollover occur prior to the RMD distributions. Since the IRA will not be established until 2014, there is no IRA RMD until 2015.