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What are Required Minimum Distributions?
Required Minimum Distributions (RMDs) generally are minimum amounts that a retirement plan account owner must withdraw annually starting with the year that he or she reaches 70 ½ years of age or, if later, the year in which he or she retires. However, if the retirement plan account is an IRA or the account owner is a 5% owner of the business sponsoring the retirement plan, the RMDs must begin once the account holder is age 70 ½, regardless of whether he or she is retired.
The above info is from Retirement Plans Frequently Asked Questions (FAQs)
Please notice that you are required to take the minimum distribution IN THE YEAR in which you turn 70 1/2, and that's what you did
I'm sorry that you received some inaccurate information, but I hope that this helps set your mind at ease.
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I understand what you told me. My question is...since I turned 70 on March 25, 2013 and made my withdrawals before then but still in the calendar year 2013, do my withdrawals in 2013 meet the RMD requirements since I did not wait until after I was 70 1/2 to withdraw the funds? Please respond ASAP. Thanks
Yes......your distributions absolutely meet the RMD requirements
Ann: you have been very patient. I just want to make sure all of my 2013 withdrawals will be classified even if I made the early in 2013...before I was 70?
I'm sorry.........you just confused me............I read that you turned 70 on 3/25/13
you took the distributions in 2013
Sorry, I reread the question and I get where you're coming from
Yes, I turned70 3/25/13...but made my fist and second RDM around Fb 2013.
you have to remember that the IRS will only receive a
they will see that you turned 70 in 2013, so whether you took the money out before you reached age 70 1/2 , or you were only 70 , (and yes, only 69 )
they're laws require you to take a minimum distribution IN THE YEAR you turn 70 1/2
So, it sounds like I am in compliance?
yes you are
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