Retired at 71. RMD this year?
My client’s birthday is 02/27/1943. He retired 2 days after his birthday(71st) this year 3/1/2014. The Thrift Savings Plan (TSP) was with the job he just retired from and the question pertains to his TSP.
Does he need to take a RMD from his TSP for 2014? If not, he must take an RMD by April 15, 2015? Plus an additional RMD for 2015?
Permalink Submitted by Alan - IRA critic on Thu, 2014-03-20 21:50
Yes, 2014 is an RMD distribution year, but the 2014 RMD can be deferred to 4/1/2015 (not 4/15), with the 2015 RMD due by 12/31/2015. If an IRA rollover is done in 2014, the RMD must be distributed first, and if done in 2015 two RMDs must be distributed first if the first year RMD had not yet been distributed. There is no RMD needed for 2013.