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
Permalink Submitted by Alan - IRA critic on Thu, 2013-10-31 21:00
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.