Client turning 70 1/2 December 29th.
have Client turning 70 1/2 December 29th and ready to take her 1st RMD as of Dec 30th, 2019 (she does not want to take 2 in 2020).
With the Secure Act changing to 72, can she wait until she reaches 72 now or does she still have to take her 1st one this year or two next year?
thank you
Doug
Permalink Submitted by Alan - IRA critic on Mon, 2019-12-23 16:28
Yes, she must still take a 2019 RMD and also a 2020 RMD. Therefore, the delayed RMD provisions in the Act will not affect her at all. She was born 3 days too soon.
Permalink Submitted by Robert Wright on Thu, 2019-12-26 15:24
So you have to turn 70 1/2 in 2020 (or later) in order for the new age 72 RMD rule to apply to you?
Permalink Submitted by Alan - IRA critic on Thu, 2019-12-26 15:28
Yes.
Permalink Submitted by Julie Brangenberg on Thu, 2019-12-26 15:40
Do you have any client facing material that can be used for the new IRA RMD rule?