Withdrawal from Traditional IRA
Hi all , my dad aged 78 and planning to withdrawal full amount from traditional IRA, and how many days to process withdrawal after application submitted? Thank you!
Hi all , my dad aged 78 and planning to withdrawal full amount from traditional IRA, and how many days to process withdrawal after application submitted? Thank you!
Permalink Submitted by Alan - IRA critic on Thu, 2022-12-08 01:59
No telling. It depends on how he requested the distribution, and how backlogged the IRA custodian might be. The delay will be longer if the request moves by mail over the holiday week coming up. Has he completed his RMD for the year prior to this request? If the distribution is made in 2022 it will be taxable in 2022 (1099R issued) even if he does not receive the check until 2023.