401k RMD
I have a client who is a 50 percent partner in a two man law firm. He is 71. Does he need to take the RMD from the 401k? Also is he able to stil contribute to the plan/
thx.
Philip
I have a client who is a 50 percent partner in a two man law firm. He is 71. Does he need to take the RMD from the 401k? Also is he able to stil contribute to the plan/
thx.
Philip
Permalink Submitted by Alan Spross on Mon, 2010-04-12 19:19
He can still contribute to the plan, but also must take RMDs because he is a 5% owner. RMDs for 2009 were waived, and therefore he must take only his 2010 RMD no later than 12/31/2010 based on the account value on 12/31/09.