DOUBLE RMD
My birthday is Sept. 1937. I have deferred taking any RMD.
I now am required to take TWO RMD’s in 2009, the first by April 1, 2009, and the second by Dec. 31, 2009.
1. For the first RMD required by April 1, 2009, is this based upon Dec. 31, 2007 valuation and age 70?
2. For the second RMD required by Dec. 31, 2009, is this based upon Dec. 31, 2008 valuation and age 71.
Thank you.
Permalink Submitted by Marvin Rotenberg on Mon, 2008-12-29 17:30
Based on your date of birth 9/1937 your attained age on 12/31/2008 is age 71. Your first RMD must be taken by 4/1/09 based on the market value on 12/31/07 using the life expectancy factor of 26.5 ( age 71). Your second RMD would have to be taken by 12/31/09 based on the market value on 12/31/08. However, your 2009 RMD does not have to be taken in 2009 under thew new law just passed by the President. You can take any amount you want but it is not necessary to satisfy your 2009 RMD. No penalty will apply. Your 2008 RMD must be taken by 4/1/09 however.
Marvin