Required minimum distributions from 401k….?
I was about to roll over my personal 401k into a TIRA. Then I realized I don’t know if the IRS requires minimum distributions from 401Ks, as it does from TIRAs. It would not be wise to increase the accounts from which minimum distributions are required.
Are minimum distributions required from 401ks, at the same time (age 70 1/2) as for IRAs…?
Thanks,
gerry
Permalink Submitted by Alan Spross on Wed, 2010-11-17 23:38
Yes, they are required unless you are still working for the firm and less than a 5% owner. If by “personal 401k” you mean a solo K, then you are obviously a 5% owner even if still working and would need to take RMDs. If you roll it over to an IRA, the RMD for 2010 must be distributed prior to the rollover.