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RMD: Turning 70.5 in November

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  • Avatar Golfer68 
    Participant
    Status: Physician
    Posts: 64
    Joined: 02/08/2017

    My RMD as per the table for my first year is $22k, but I turn 70 in May and 70.5 in November.  Does that mean my RMD this year is the full $22k or is it prorated to 2/12x22k or $3.5k?

    #197747 Reply
    Avatar Peds 
    Participant
    Status: Physician
    Posts: 3618
    Joined: 01/08/2016

    full amount. there is no prorated RMD.

    you do not however have to take it until april 1st if you dont want.

    #197749 Reply
    Avatar Golfer68 
    Participant
    Status: Physician
    Posts: 64
    Joined: 02/08/2017

    I can take it out April of 2020? Taxed for 2019 or 2020? If I wait until April of 2020 do I have to take out another RMD in 2020?

    #197753 Reply
    Faithful Steward Faithful Steward 
    Participant
    Status: Financial Advisor, Small Business Owner
    Posts: 357
    Joined: 06/12/2017

    Yes, it’s the full $22,000. Not pro-rated. Although you have the option to put off your initial RMD until 4/1/2020, that would mean that you’d need to take both your 2019 and 2020 RMDs in the same year. That may not be to your advantage, tax-wise.

    Michael Peterson, CFP® | Faithful Steward Wealth Advisors
    http://www.fswealthadvisors.com | (717) 496-0900

    #197754 Reply
    Avatar Peds 
    Participant
    Status: Physician
    Posts: 3618
    Joined: 01/08/2016

    I can take it out April of 2020? Taxed for 2019 or 2020? If I wait until April of 2020 do I have to take out another RMD in 2020?

    Click to expand…

    this is hugely important.

    you should read the rules:

    https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds

    #197761 Reply
    Avatar Golfer68 
    Participant
    Status: Physician
    Posts: 64
    Joined: 02/08/2017

    At Peds and Faithful, Thank you so much! Extremely helpful, question answered

    #197764 Reply

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