403(B) Rollover
I have a client who turned 70.5 this year. He is still employed. He took part of his 403(b) and rolled it into IRA this year. Does he need to take RMDs for this year?
Thanks,
ED Lustberg
I have a client who turned 70.5 this year. He is still employed. He took part of his 403(b) and rolled it into IRA this year. Does he need to take RMDs for this year?
Thanks,
ED Lustberg
Permalink Submitted by Alan - IRA critic on Tue, 2014-11-18 03:09
If he is still employed at year end, this is not an RMD distribution year for the 403b plan and the distribution can be fully rolled over. As for the IRA, the balance rolled over was not in the IRA on 12/31/2013, so there is no IRA RMD due on the rolled over amount for 2014.