How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

I am 71 years old and joint with my husband for tax-return.

Customer Question

I am 71 years old and joint with my husband for tax-return. My husband is 73 years old, but he is still working. I have a regular IRA account. Do I need to start to withdraw money from my account?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

Yes - for the year you turned 70 1/2 - you are subject to RMD - required mandatory distribution.
Whether RMD is started from 2014 or 2015 depends on on birthday - and in which year you turned 59 1/2

Expert:  Lev replied 1 year ago.

You cannot keep retirement funds in your account indefinitely. You generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 70 1/2.

The required minimum distribution for any year is the account balance as of the end of the immediately preceding calendar year divided by a distribution period from the IRS’s “Uniform Lifetime Table.

Use this worksheet to figure this year’s required withdrawal for your traditional IRA

https://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf

Expert:  Lev replied 1 year ago.

You reach age 70 1/2 on the date that is 6 calendar months after your 70th birthday. Beginning date for your first required minimum distribution from IRA is April 1 of the year following the calendar year in which you reach age 70 1/2. For each subsequent year after your required beginning date, you must withdraw your RMD by December 31.

Any questions?

Expert:  Lev replied 1 year ago.

I appreciate if take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.

If you still have any doubts, need clarification - please be sure to ask.
I am here to help you will all tax related issues.