RMD from IRA & 401(k)
I have a client who turned 70 1/2 this year and will be taking his RMD from his IRA. He also has a solo 401(k) in which he will need to do a RMD as well. My question is, can he take the total amount of both distributions from his IRA or does he need to take the required amount from each?
Thank you.
Permalink Submitted by Alan - IRA critic on Mon, 2014-03-10 23:50
He must take the RMD for each plan from that same plan. They cannot be combined.