ira distributions before RMD
I have a 67 yr old client who wants to take an income stream from his IRA for medicaid purposes. What chart and what factor for a 67 yr. old?
I have a 67 yr old client who wants to take an income stream from his IRA for medicaid purposes. What chart and what factor for a 67 yr. old?
Permalink Submitted by Alan - IRA critic on Mon, 2021-02-01 16:57
State medicaid laws vary considerably, and medicaid planning is not a subject addressed on this site. There does not appear to be any generally accepted table prior to age 72 when RMDs begin. Possibly, the only payout status allowed prior to 72 is to annuitize the IRA account, which is an irrevocable decision. If a pre tax IRA is annuitized, the annual payments are treated as RMDs, even prior to 72. Suggest checking with a Medicaid planner in client’s state. The following article provides general info:
How IRAs, Pensions & 401Ks Impact Medicaid Eligibility (medicaidplanningassistance.org)