Required minimum distribution

I have client with birthdate of 10-18-1940. He turned 70-1/2 on April 18 2011 and did not take a RMD in 2011. Does he have to take 1 or 2 distributions this year and if so by what date.



Your client needs to take the first RMD by April 1, 2012 based on the IRA balance on 12/31/10. The second RMD is due by 12/31/2012 and is based on the IRA balance at 12/31/2011. There is no adjustment to the 12/31/2011 balance based on the timing of the first RMD.



Thanks for the post! There are certain rules you need to follow and it was nice to know more about it.



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