Does being an executive or being in a “position of control” change the need for RMDs of a 401(k) if you are not a 5% owner?
Ideally there is an IRC code that spells it out, but I haven’t found one. Thanks for your help.
Ideally there is an IRC code that spells it out, but I haven’t found one. Thanks for your help.
Permalink Submitted by Alan - IRA critic on Thu, 2017-02-09 20:22
No, a 5% owner is based on share ownership or ownership of capital or profits if not a Corp. Non ownership control is not a factor, however family attribution rules are. In other words, if a father owns 5% of the shares and son owns none the son is deemed to be a 5% owner whether he is an executive or delivery boy.