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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29958
Experience:  Taxes, Immigration, Labor Relations
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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

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.

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