RMD Requirements
My bank, and I disagree on the amount of my RMD. I am not concerned about any past years as I have always needed more than my RMD to live on, but I do want to have it correct so if I live to a really ripe old age I will not be withdrawing too little.
Born 12/10/1936 Turned 70-1/2 on 6/10/2007 Turned 71 on 12/10/2007
Calculated 2007 RMD based on IRA Balance on 12/31/2006 divided by 26.5 Withdrew this money + in 2007
” 2008 RMD ” ” 12/31/2007 divided by 25.6 Withdrew this money + in 2008
2009 RMD 12/31/2008 divided by 24.7 Withdrew this money + in 2009
2010 RMD 12/31/2009 divided by 23.8 withdrew this money + in 2010
2011 RMD 12/31/2010 divided by 22.9 withdrew this money + in 2011
2012 RMD 12/31/2011 divided by 22.0 to be withdrawn in 2012
As you can see, I say my 2011 RMD divesor is 22.9, my bank says it is 22. So we are a year apart. What is the correct divisor for the year 2011?
Should I have made two withdrawls in 2007?
Permalink Submitted by Alan Spross on Sat, 2012-01-21 19:01
Your divisor of 22.9 is correct for 2011. Your age in 2011 was 75. The bank apparently thinks you reached 76, so perhaps they have your date of birth wrong in their file.
Your divisors are all correct, although you did not have to take an RMD in 2009 as RMDs were waived that year. But that waiver does not affect any other years. What you did in 2007 is fine and there was no reason to separate the 2007 RMD from the extra amount by separate withdrawals.
Permalink Submitted by Deena Wagner on Sat, 2012-01-21 20:12
😀 Thank you so much, Alan.