72t issue
I have a client who started taking the 72t distributions from his IRA starting in 2005. On 11/18/13 he will turn 59.5 and would like to stop taking distributions. Does he need to take one in early 2013 (been usually taking them at beginning of year) or can he just not take one since he will turn 59.5 in 2013? I greatly appreciate your help.
Permalink Submitted by Alan - IRA critic on Tue, 2013-01-15 18:12
He has 3 choices for 2013, and not taking anything out is one of them. The other two are taking the full annual amount or taking a pro rated amount of 10/12 the annual amount. After 11/18 he can do whatever he chooses.