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Chea Romine
Chea Romine, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 197
Experience:  CPA, Managing Partner of medium sized CPA firm specializing in all areas of tax and accounting.
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If I am an active fulltime employee on a regular institutional

Customer Question

If I am an active fulltime employee on a regular institutional payroll do I have to start withdrawing from my 403 b or any other tax deferred account when I reach age 70.5 years of age?
Submitted: 6 years ago.
Category: Tax
Expert:  Chea Romine replied 6 years ago.

Chea Romine :

The 403 b plan must state that you can wait until the year after you retire in order for you to wait. If the 403 b plan is silent then you must start the RMD's. Most plans have the provision to wait until after retirement.

IRA's do not have this provision so you must start taking distributions at 70.5 even if you are still working.

The standard rule if the plan is with a company you are still working for in most cases you can delay.