IRA Rollovers
In 2009, when making a IRA CD rollover from one bank to another, is it requried to take out the RMD amount, since RMDs have been (mostly) suspended for 2009?
I probably do not have time to set up a transfer for the first one maturing
In 2009, when making a IRA CD rollover from one bank to another, is it requried to take out the RMD amount, since RMDs have been (mostly) suspended for 2009?
I probably do not have time to set up a transfer for the first one maturing
Permalink Submitted by Al Fry on Thu, 2009-01-29 20:08
If it is a trustee-to-trustee transfer, the RMD does not have to come out, however some follow a former prodedure where it did. There would no reason for them to do that, especially in 2009.
Permalink Submitted by Jose Morales on Thu, 2009-01-29 21:07
The mandatory distribution amount for everyone is $0, so even if it was necessary to remove the RMD prior to a rollover in 2009 due to some oversight in the wording of the new law, you would still not need to worry about this issue. Yes, you may rollover the full amount of any IRA distribution.