Questions tagged [rmd]

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0answers
47 views

Stopping erroneous IRS collection

We (my wife and I) had a Required Minimum Distribution Issue (RMD) that was supposedly resolved. We have a letter from the IRS stating that the waiver was granted and that we owe NOTHING for the tax ...
1
vote
1answer
55 views

How much of an RMD from an inherited IRA with basis is taxable?

My wife received an inherited IRA last year, so took an RMD (required minimum distribution) last year (still under the pre Secure Act rules, thought that doesn't really matter). We got a 1099R for ...
8
votes
1answer
151 views

Do I have to take an RMD from my IRA next year?

I turned 70.5 last year and was required to take my required minimum distribution. I took it, but the laws changed at the end of last year making the new age for RMD at 72. Do I have to take the ...
2
votes
3answers
112 views

Possibly better to pay RMD penalties than to take RMDs?

Could it ever be advantageous for a wealthy retired person over the age of 70-1/2 with significant taxable investment income to intentionally fail to take a Required Minimum Distribution (RMD) from an ...
27
votes
5answers
11k views

Why do baby boomers have to sell 5% of their retirement accounts by the end of the year?

This article on Marketwatch quotes Raoul Pal of Goldman Sachs claiming that baby boomers have to sell 5% of their retirement accounts by the end of the year. Here is the specific passage: Pal says ...
4
votes
1answer
217 views

RMD Penalty Waiver

We accidentally neglected to take the RMD from one of our two 403b retirement accounts. As soon as we realized this, we had an accountant help us fill out a 5329 form for each tax year. He advised us ...
1
vote
0answers
33 views

RMD after annuitizing an annuity in a traditional IRA

I live in the United States and I have an annuity that hasn't been annuitized in a traditional IRA account (IRA A). I need to take a required minimum distribution (RMD) of $8K this year for IRA A. I ...
5
votes
1answer
149 views

Is a RMD required from a 401(k) if one is over 70 1/2 and still working full time and contributing to the 401K each week?

Is an RMD required from a 401(k) if one is over 70 1/2 and still working full time and contributing to the 401(k) each week? If so, can it be done online from the 401(k) site?
12
votes
3answers
798 views

Impact of RMD on credit worthiness

I was surprised after I retired when I could not get an increase in the credit limit on a credit card I'd held in good standing for many years. After I retired, the only income that qualified for a ...
2
votes
2answers
161 views

Where on tax return to deduct IRA distributions made directly to charity?

Where on the Federal tax return does one subtract RMD (qualified money) distributions that have gone directly to a qualified charity; the 1099-R form reports the sum of ALL distributions, i.e. regular ...
7
votes
2answers
294 views

Beneficiary IRAs and Required Minimum Distributions

If you receive a (non-spousal) Beneficiary-traditional IRA as a beneficiary due to death, is there a way to avoid taking a Required Minimum Distribution until your own retirement age? Or are you ...
8
votes
1answer
8k views

How to calculate mandatory withdrawals for 401k? (Required Minimum Distribution)

I understand that 401(k)s have a mandatory withdrawal that can be triggered at some point. What triggers a 401(k) mandatory withdrawal, and how is the amount of the withdrawal calculated?