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I will be 71 this month. When do I have to start taking RMD
I will be 71 this month. When do I have to start taking RMD out of my IRA. And I'm still working can I continue to add pre tax dollars to my IRA for the year 2019 and /or 2020. I heard the rules have … read more
Rick
Rick
MBA
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Tax question - IRS 408(d)(8)(F) provides for an RMD in an
Tax question - IRS 408(d)(8)(F) provides for an RMD in an IRA to be paid direct to a charity upto $100,000 per year. Since it is paid direct - it is not taxable nor deductible by the taxpayer. I reali… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
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I have a question on my CSA 1099R block 9b. Total Employee
I have a question on my CSA 1099R block 9b. Total Employee Contributions, I don't understand what that is and starting to file, a popup comes up and tells me that since I turned 71 ½ during 2018, I sh… read more
Rick
Rick
MBA
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I inherited my fathers 401k. from his second wife. whose
i inherited my fathers 401k. from his second wife. whose bithday and date of death do i use to calulate the minimum required distribution … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
My friend has a simple ira but she hasn't drawn any money
My friend has a simple ira but she hasn't drawn any money out of it. Does she has to report it to the irs and pay taxes on it? Also, does the irs penalize you if you overpay your taxes?… read more
Lev
Lev
44,341 satisfied customers
How do I calculate a required minimum distribution from an
How do I calculate a required minimum distribution from an IRA when someone turns both 70 1/2 and 71 in the same year? For 71; I use the balance in the IRA as of Dec 31st what balance do I use to calc… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
7,579 satisfied customers
At age 70.5 how much and how often do I have to take money
At age 70.5 how much and how often do I have to take money out of my IRA accounts? … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
7,579 satisfied customers
How do I calculate how much I need to take from my IRA's
How do I calculate how much I need to take from my IRA's when I turn 70 1/2 this year? … read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
My husband has an IRA with approximately $50,000 in it. He
My husband has an IRA with approximately $50,000 in it. He turned 70 last November 26, He will be 71 soon. He didn't realize he had to take out a distribution. Is it too late. How much does he need to… read more
Barbara
Barbara
Enrolled Agent, Paralegal
24,069 satisfied customers
What am I to do with a traditional IRA account. /O/A? Should
What am I to do with a traditional IRA account. I am 69 Y/O/A? Should I withdraw the 90K contained in this account all at once?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
31,910 satisfied customers
I have a client who is 72 and currently employed by a
I have a client who is 72 and currently employed by a University, offering a 403b. He will retire in January 2017. He is considering rolling some of his employer plan to an IRA for more active account… read more
Dr. Fiona Chen
Dr. Fiona Chen
Certified Public Accountant (CPA)
10,925 satisfied customers
My husband passed away March 4,2015. He was 67. I was 70. I
My husband passed away March 4,2015. He was 67. I was 70. I originally set the IRA up as s Spousal Inherited IRA so that I would not have to take RMD until he would have been 70 1/2. In Feb. 2016, I t… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
22,486 satisfied customers
I am 71 years old and joint with my husband for tax-return.
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?… read more
Lev
Lev
44,341 satisfied customers
tax question when i turn 70 in 1 1/2 its my understanding
tax question when i turn 70 in 1 1/2 its my understanding i have to take some payment from my 401 and roth ira. how much do i have to take each year . i have about 300K/yr income from other investment… read more
Lev
Lev
44,341 satisfied customers
I will turn 70 in Februay. I am currently invested in a 401
I will turn 70 in Februay. I am currently invested in a 401 k plan with my empolyer. Is it mandatory to start taking money from my 401 k in February? If I rollover my 401 k to a money market or IRA do… read more
Lev
Lev
44,341 satisfied customers
I work for the U.S. government. I will be 71 in October 2012.
I work for the U.S. government. I will be 71 in October 2012. I have an IRA with an investment firm and I know I am required to make a minimum withdrawl from that. I also have the Thrift Savings Plan … read more
Lev
Lev
44,341 satisfied customers
My wife turned 70 in 2010. She has an IRA that until that year
My wife turned 70 in 2010. She has an IRA that until that year was held by Met Life where she is working. She went from full time to part time and was told she had to move the IRA as only fulltime emp… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
31,910 satisfied customers
I have an IRA worth $7,786.03 (Ill be 71 in July) what will
I have an IRA worth $7,786.03 (I'll be 71 in July) what will the penalty be to cash this in due to my age… read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
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