RMDs while still working full-time

* I was born on January 19, 1943 and turned 70 1/2 on July 20, 2013

* I’m still working fulltime as a Professor.

* I have $1M in retirement assets – 403(b), 457(c), IRA – most of which came from educational institutions other than my current employer

* Do I need to take an RMD in 2013?

* What exceptions to RMD do I need to be made aware of, and what are the rules behind any exception?

* When do I need to take RMDs if I don’t need to take them in 2013?

* I have not been able to get a clear answer on this as it seems a rare exception that most people do nto have.

THANK YOU



For all IRAs and other plans from former employers, 2013 is your first RMD distribution year, however you can delay the 2013 RMD until as late as 4/1/2014. You can also take any part of the 2013 RMD you wish in 2013 and take the rest by 4/1/2014. The 2014 RMD must be distributed by 12/31/2014. For plans of your current employer, you can usually delay RMDs until after your retire. And if you had a 12/31/1986 balance in the 403b, RMDs on that portion of the plan can be deferred as late as 12/31 of the year your reach 75 if you are no longer working in years prior to that.



Add new comment

Log in or register to post comments