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Category: Finance
Satisfied Customers: 4506
Experience:  Tax professional and business consultant for 35 years.
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Accountant: When I reach 70 and 1/2 is there a way to avoid

Customer Question

for an accountant:
When I reach 70 and 1/2 is there a way to avoid the minimum payouts from my defined benefit account? By then I will have $5-6 million in IRA's and defined benefit accounts but will still be working and possibly still adding to my defined benefit account.
Tom ********
Submitted: 12 months ago.
Category: Finance
Expert:  PDtax replied 12 months ago.

Hi from just answer. I'm PDtax. I'll assist.

Expert:  PDtax replied 12 months ago.

There really isn't a way around the rmd rules. And you have to take distributions from both your IRA and your defined benefit accounts.

The tax rules do allow Roth IRA accounts to escape the rmd issues, so if you wanted to convert some, and pay the current tax, that might be value you save for your estate, since it could grow without you ever needing to take an rmd.

Sorry I didn't have a better solution. Please rate my assistance to complete your request. I'm PDtax.