RMD For Attorney Partner in Large Law Firm
My client turns 70 next month. He is a partner in a large law firm and contributes to a company retirement plan called the “Savings and Self Employed Retirement Plan. On his plan statement the contributions are listed as coming from 3 sources: 1. Employee pretax, 2. Company match, 3. Keogh Profit sharing.
Since my client is still working, is he required to take RMD’s from this account?
Permalink Submitted by Alan - IRA critic on Mon, 2014-02-03 23:54
RMDs must begin at 70.5 if he is a 5% owner. IRS rules allow RMDs to be deferred to after retirement in other cases, but it is possible but unlikely that the plan document requires RMDs to start at 70.5 for everyone. He should first get confirmation that he can wait until after retirement.