Can excess IRA RMD compensate for no 403-b RMD withdrawal?
Retired teacher, age 73, has been taking excess amounts beyond RMD from her IRA. She has never touched her 403-b account. Never received Dec 31 account value or RMD $ amounts from 403-b carrier. Can the excess withdrawn from her IRA compensate for 403-b RMD? If there are two IRA accounts I realize add the two together and determine RMD and can take from one or both accounts to equal the total RMD amount. Does it work that way for IRA and 403-b [that has never been roll out of that status into an IRA]?
Permalink Submitted by Alan - IRA critic on Tue, 2015-07-14 01:59
IRA RMDs can be aggregated with other IRAs, and 403b with other 403b, but they cannot be aggregated with each other. Therefore, the 403b RMDs must be made up and the penalty waiver requested on Form 5329 for each year that the 403b RMD was not taken. Note that any 403b pre 1987 balance is not subject to RMDs until age 75, so that might reduce the delinquent amount.