RMD question when bday is in December
TIRA owner turned 70 in Dec. 2014 (so they turned 70.5 in May 2015). They have until April 1, 2016 to take out RMD for 2015 correct? But the also turned 71 in Dec. 2015, did they need to also take out a distribution by the end of 2015 or would the distribution for the 71 years of age be required by the end of the calendar year 2016.
Thanks so much.
Permalink Submitted by Alan - IRA critic on Mon, 2016-03-28 22:20
Yes, the 2015 RMD must be distributed by 4/1/2016. SInce the 2015 RMD was deferred to 2016, there will also have to be another RMD for 2016, this one taken no later than 12/31/2016. Both distributions will be taxable in 2016. The divisor for the 2015 RMD will be 26.5, and the divisor for the 2016 RMD will be 25.6.