70 and 70 1/2 in same year
If a client turns 70 and 70 1/2 in same year (even though it’s one year after you turn 70 1/2) he can do one of two things:
a. take the RMD based on 70yrs old in the same year he turns 70 1/2?
or
b. take an RMD the next year when he is 71 prior to 4/1 and then must take another one prior to 12/31 of the same year?
am i correct?
Thank you
Douglas
Permalink Submitted by Alan - IRA critic on Mon, 2019-08-19 23:23
Yes, that is correct. He is also able to take part of a) in the first year and the rest of a) by 4/1 of the following year.