403B Question
Hello,
If a person has a 403b and are still working after age 72 but then retires, is their first RMD the year they retire or the following year?
Thank you.
Hello,
If a person has a 403b and are still working after age 72 but then retires, is their first RMD the year they retire or the following year?
Thank you.
Permalink Submitted by Alan - IRA critic on Fri, 2022-12-09 17:39
The first RMD distribution year is the year they retire, although their RBD is 4/1 of the following year. If a participant does a rollover in a year in which they do not intend to retire, but change their mind and retire in that same year, part of the rollover must be treated as the RMD, and becomes an excess IRA contribution which must be corrected.