RMDs after direct rollover of qualified employer plan (401k) to a Traditional IRA
Hello. I retired in 2019 but kept my qualified employer plan/401k. I started taking RMDs from the 401k in 2022, the year in which I turned 72. In May of this year (2023) I did a direct rollover of the 401k into a traditional IRA. Prior to the rollover the RMD amount for 2023 was distributed from the 401k, as required. My questions are: When must I take the first RMD from my new IRA? Is this RMD due by 1 April 2024? Must I also take a second RMD from this IRA by the end of 2024?
Thank you,
Joseph
Permalink Submitted by David Mertz on Sun, 2023-12-17 20:06
Your first RMD from this new traditional IRA is the RMD for 2024 based on the December 31, 2023 balance, due to be completed in 2024 by December 31, 2024. There is no 2023 RMD for this traditional IRA because it had no balance on December 31, 2022.
Permalink Submitted by JOSEPH PUTNAK on Sun, 2023-12-17 21:20
Thanks! That was the answer I was hoping for.Best wishes, Joseph