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I HAVE A INCOME ANNUITY & MUTUAL FUND. CAN I PUT THE TWO…

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I HAVE A INCOME...

I HAVE A INCOME ANNUITY & MUTUAL FUND. CAN I PUT THE TWO TOGEATHER TO ***** REQUIRED MINIMUM DISTRIBUTION WILL BE. THANK YOU.

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I AM OVER 70 YEARS OLD AND I AM REQUIRED TO TAKE OUT MONEY FOR MY RMD. CAN I COMBINE THE TO FOR MY RMD.

Submitted: 7 months ago.Category: Tax
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11/27/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,187
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago

The minimum distribution rules apply to:

  • traditional IRAs
  • SEP IRAs
  • SIMPLE IRAs
  • 401(k) plans
  • 403(b) plans
  • 457(b) plans
  • profit sharing plans
  • other defined contribution plans

It is true that an IRA owner must calculate the RMD separately for each IRA that he or she owns, but can withdraw the total amount from one or more of the IRAs. Similarly, a 403(b) contract owner must calculate the RMD separately for each 403(b) contract that he or she owns, but can take the total amount from one or more of the 403(b) contracts.

However, RMDs required from other types of retirement plans, such as 401(k) and 457(b) plans have to be taken separately from each of those plan accounts.

You cannot combine accounts except as listed above. Unless the Mutual Fund is in a defined plan it would not fall under the rules or require RMD.

Please let me know if you need more information by simply posting below. I just want to make sure I have been clear enough.
If not then scroll up to see the STARS to rate so I am credited.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago

Hello

I am checking back to see if you needed me to clarify any points in my response.

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