First RMD
I will be 70 1/2 on 2/17/12. When must I take my 1st RMD and what is the date I can defer it to without going into the next year and having a double taxation ? I also I have two different accts. What is the procedure to access the correct RMD from each. Thanks for your assistance. Appreciated
Permalink Submitted by Alan Spross on Mon, 2012-01-16 17:52
Without having to take two RMDs in 2013, the longest you can delay your 2012 RMD is 12/31/2012.
Your 2012 RMD is based on the IRA account balances on 12/31/2011. Your divisor will be 26.5 using the Uniform Table III and age 71 which you will attain in August. Once your obtain your total RMD amounts you can take out that amount in any combination over the IRA accounts, ie you could take the entire RMD from just one of the accounts if you wanted.
NOTE: The divisor will be different in the event you are married to a spouse more than 10 years younger than you and the spouse is the sole beneficiary of the IRA. Also, note that you cannot convert any of your IRA to a Roth IRA until after you have completed your total RMD for the year.