RMD Timeline
Hello,
My client just turned 70 on July 7, of this year (2018) . When would he be required to take his RMD? Can he take it in 2019 and if he does so does that mean he will have to take two distributions in 2019? How does that timeline work ? Thank you
Permalink Submitted by David Mertz on Fri, 2018-10-12 17:22
Turning 70 on July 7, 2018 means that age 70½ will be reached on January 7, 2019, making 2019 (not 2018) the client’s first RMD year. The client’s 2019 RMD must be completed by the Required Beginning Date of April 1, 2020. The client’s 2020 RMD will need to be completed by December 31, 2020. No RMD is required for 2018.
Permalink Submitted by tomd37 on Fri, 2018-10-12 18:18
Client should also consider any tax impact RMDs might have on any applicable social security benefits. Tom D.