RMD
I am turning 70 and a 1/2 June 27th of next year. Do I have to do my RMD by year end or do i have until april 1st of the following year. There are conflicting articles on the web. Thx
I am turning 70 and a 1/2 June 27th of next year. Do I have to do my RMD by year end or do i have until april 1st of the following year. There are conflicting articles on the web. Thx
Permalink Submitted by Alan - IRA critic on Tue, 2016-10-18 17:23
You do not have to take your 2017 RMD until 4/1/2018. However, if defer all or part of your RMD until 2018, the amount you defer plus your 2018 RMD will both be taxable in 2018. Usually, it is best to take your first RMD in that same year to keep from bunching your income into the same year. But there are some situations where deferring will save you money. One such situation is when you worked in the first year or have other extra income in the first year. Deferring the first RMD in that situation will help equalize the two years. If you have a 401k or similar plan and are still working, in most cases you do not have to take RMDs until you retire. This does not apply to IRAs.