401(k) to IRA rollover and RMD requirement
A still working 74 year old rolls over a portion of his 401(k) to an IRA in 2022. Since the IRA balance was $0 on 12-31-2021, does he have to take a RMD from the IRA in 2022?
Thank you for your usual expert assistance. That’s what keeps me paying my annual subcription.
Permalink Submitted by Alan - IRA critic on Mon, 2022-11-21 23:46
No, there is no IRA RMD for 2022 if the prior year end balance was 0. Note that he must still be employed on 1/1/2023 or 2022 will become a 401k RMD distribution year, and the RMD portion of the amount rolled over would not be rollover eligible. This would cause an excess IRA contribution.