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?March 12, 2019 at 4:37 am MST #197747PedsParticipantStatus: PhysicianPosts: 3033Joined: 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.March 12, 2019 at 5:14 am MST #197749
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?March 12, 2019 at 5:24 am MST #197753Faithful StewardParticipantStatus: Financial Advisor, Small Business OwnerPosts: 267Joined: 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) 496-0900March 12, 2019 at 5:29 am MST #197754PedsParticipantStatus: PhysicianPosts: 3033Joined: 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:March 12, 2019 at 5:42 am MST #197761