RMD for turning age 70.5 & 71 in same year
Assume a person turns both 70.5 and 71 in 2018. Assuming they do not want to delay their first RMD until 4/1/2019, do they have to take 2 RMDs in 2018 (one for age 70.5 and one for age 71) ? Or do they just have to take one RMD in 2018 using the 26.5 divisor for an age 71 person?
Permalink Submitted by David Mertz on Wed, 2018-12-26 21:11
Just one, using the divisor of 26.5.
Permalink Submitted by tomd37 on Wed, 2018-12-26 21:36
As mentioned, just one divisor based on the combined value of the poster’s traditional IRAs as of December 31, 2017. Not to include any 401k investments nor any inherited traditional IRAs that might be owned by the poster. The latter, if any, have separately calculated and distributed amounts. DMx please correct me if I am incorrect. Tom D.
Permalink Submitted by David Mertz on Wed, 2018-12-26 22:05
If RMD is needed from a 401(k), the calculation method is the same as for an IRA.
Permalink Submitted by tomd37 on Wed, 2018-12-26 22:38
Okay, I agree. But what I was attempting to convey is that if someone has both a traditional IRA and a 401k plan from which RMD distributions are required, then an appropriate distribution amount must be taken from each and not combined into one or the other in any way. Tom D.