RMD
I had lunch with an attorney today. He was telling me there is a section in the tax code that allows an individual to reduce the amount of RMD if you life span history is longer compared to the charts.
Any knowledge of this?
I had lunch with an attorney today. He was telling me there is a section in the tax code that allows an individual to reduce the amount of RMD if you life span history is longer compared to the charts.
Any knowledge of this?
Permalink Submitted by Alan - IRA critic on Thu, 2015-10-01 20:48
Not unless he is referring to an annuitized account. Distribution as a life annuity becomes the annuity RMD and is basically level year in and year out, so if you live beyond your middle 80s, the payout is less than what an RMD divisor would generate had there been an account balance.
Permalink Submitted by [email protected] on Fri, 2015-10-02 14:52
maybe a QLAC? Reduces current year RMDs, providing lifetime income in later years….