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Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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requirement for withdrawl on 401ks @701/2 yrs

Resolved Question:

requirement for withdrawl on 401k's @701/2 yrs
Submitted: 7 years ago.
Category: Tax
Expert:  Merlo replied 7 years ago.
Hello phelix,

In the calendar year that a plan participant reaches the age of 70-1/2, by April 1st of the following year, the plan participant is required to start taking the required minimum distributions from the plan.

The amount of the required distribution is based on tables which estimate your remaining life expectancy, and will be determined by your plan administrator.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you phelix, and let me know if you have additional questions.

Customer: replied 7 years ago.
Merlo - thanks. I assume my plan administrator is the firm who manages my 401k ?
Expert:  Merlo replied 7 years ago.
Hello again phelix,

Yes, that is correct. The management firm is the one who will calculate your minimum distribution.

The amount will likely change slightly each year as the value of the account may fluctuate.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you again phelix.

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