RMD question
I had to liquidate one of my dad’s IRA’s to help pay for his care. He has IRA’s at another institution. The amount liquidated is more than he would need to take for all of his IRA’s RMDs for this year. Does he still need to take RMD’s from the other institution?
Thanks
Larry
Permalink Submitted by BruceM on Thu, 2008-12-04 17:25
No.
For RMD purposes, ALL of an individual’s traditional IRA’s, SEP IRA’s and SIMPLE IRA’s are added together and this total is dividend by the owner’s life expectancy from the Uniform Table. This amount may be taken from one or more of the IRA accounts, in any combination.
BruceM
Permalink Submitted by Larry Isaacs on Thu, 2008-12-04 23:24
Thanks TeachFP.
Larry