Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

What is the deadline for taking min. distributions from my…

Customer Question
What is the deadline...

What is the deadline for taking min. distributions from my Walmark 401K

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I am 78 and i have $2240.00 in my account. I have read that I must take out 20.5%

Accountant's Assistant: Is there anything else important you think the Accountant should know?

No just when to withdraw and how to withdraw

Submitted: 6 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 minutes by:
12/29/2017
Tax Professional: Lev, Tax Advisor replied 6 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,118
Experience: Taxes, Immigration, Labor Relations
Verified

The deadline for RMD for 2017 is Dec 31, 2017.

Ask Your Own Tax Question
Tax Professional: Lev, Tax Advisor replied 6 months ago

Please be sure to contact the administrator immediately.

Essentially - you have only ONE day left to make RMD distribution - tomorrow.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,118
33,118 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I have a question regarding 401K over contribution
Hi there I have a question regarding 401K over contribution … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I am buying my first home. I have a roth 401K and want to
I am buying my first home. I have a roth 401K and want to use those funds for the downpayment in the amount of $75,000. I have been reading to transfer it to an IRA and withdraw from that to avoid pen… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
Can I claim an exception for 401K withdraw to buy a home.( I
Can I claim an exception for 401K withdraw to buy a home.( I live in California) … read more
Lev
Lev
Tax Advisor
33,118 satisfied customers
I'm studying 401k plans and I don't fully understand them. I
Hello I'm studying 401k plans and I don't fully understand them.I read somewhere that when you decide to withdraw money from a 401k account you pay the original income tax bracket on that amount and y… read more
Lev
Lev
Tax Advisor
33,118 satisfied customers
My husband's company was sold and he is now working for the
My husband's company was sold and he is now working for the new company. It has been treated as a "separation from service" from the old company. With regard to his 401K, he is now able to take a with… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,465 satisfied customers
Can you answer PA tax questions? In PA, I understand that
In PA, I understand that contributions to 401k are taxed going into the 401k, then not taxed coming out. Is this true just for people that were residents of PA going into and out of the 401K? What I'm getting at is i'm currently a resident of NY State, and will rely on my 401k for living expenses. I am considering moving to PA in retirement. Will my 401k withdraws not taxed in PA as they were earned in NY State? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I'm 70 1/2. I'm retired and living on social security and a
Hi. I'm 70 1/2. I'm retired and living on social security and a pension. I must make a distribution from my ira, but I have 2. One is a 401k that will be non taxable to withdraw from and the other is … read more
CFEPro789
CFEPro789
Fraud Analyst
Master\u0027s Degree
369 satisfied customers
Background: My company allows us to save using 3 different
Background: My company allows us to save for retirement using 3 different vehicles. Pre tax 401k (contribution and earnings taxable when withdrawn at 59 1/2) After tax 401 Roth (no taxes to be paid on… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I was 70 1/2 years old in August 2015. I am still working.
I was 70 1/2 years old in August 2015. I am still working. Every year I make the maximum contribution to an IRA. I hear that I need to start taking distributions soon. When do I need to do that? What … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I am 57 years old and my job has just been terminated. I would
I am 57 years old and my job has just been terminated. I would like to use some of my assets in my 401K to hold me over until I can collect my pension at age 58. As I understand it from Pub 575, is th… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
In 2010, 2011, and 2012, my employer over-matched my 401k by
In 2010, 2011, and 2012, my employer over-matched my 401k by continuing to contribute their match after I had exceeded the annual compensation limit for that year. Today, they told me that they are go… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
I have an ira with Prudential And forgot to reguest my minimum
I have an ira with Prudential And forgot to reguest my minimum distribution.How can I right this.… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
I am 73, so I must withdraw each year from my annuity. When
I am 73, so I must withdraw each year from my annuity. When I requested the required minimum deduction from Hartford Insurance in 2010, I also signed up for an automatic withdrawal of the required ded… read more
Lev
Lev
Tax Advisor
33,118 satisfied customers
I am being laid off from my job after 22 years. I have $278K
I am being laid off from my job after 22 years. I have $278K in my 401K - I am estimating that I will need to take about 50K out for medical bills, credit card bills and student fees for my daughter. … read more
Bill
Bill
Master's Degree
2,278 satisfied customers
When preparing my 2008 return someone told me that my IRA distribution
When preparing my 2008 return someone told me that my IRA distribution could be taken in the first 3 months of 2009. So I did that. And I used it on my 2008 return. Now today I received a 1099-R from … read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
My brother passed away in 2001 and left me his 401K (worth
My brother passed away in 2001 and left me his 401K (worth about $50K, now). I didn't do anything with it, and only now realize I should have either taken minimum distributions or the whole amount wit… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I am about to purchase a primary residence with 10% down.
I am about to purchase a primary residence with 10% down. I am self-employed, with a 401K Indy. Would it be tax advantageous to take the down payment from savings, put it into my 401K, and then withdr… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Can I take a distribution from my 401K to make a downpayment
Can I take a distribution from my 401K to make a downpayment to buy and rebuild the house I am renting? The mortgage bank will put the whole amount back into the same 401K plan when the new mortgage i… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,605 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x