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IRA minimum withdrawals
Old 10-25-2015, 09:44 AM   #1
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IRA minimum withdrawals

brain fog
I turned 70 in March 2015
Took an early withdrawal in April 2015

Aren't minimum withdrawals per calendar year ?
So I can take my next one in January 2016 ?
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Old 10-25-2015, 10:42 AM   #2
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From the IRS website.

Beginning date for your first required minimum distribution
IRAs (including SEP and SIMPLE IRAs)
April 1 of the year following the calendar year in which you reach age 70.

401(k), profit-sharing, 403(b), or other defined contribution plan
Generally, April 1 following the later of the calendar year in which you:
reach age 70, or
retire.
See the chart comparing IRA and defined contribution plan RMDs.
Date that you turn 70
You reach age 70 on the date that is 6 calendar months after your 70th birthday.
Example: You are retired and your 70th birthday was June 30, 2013. You reached age 70 on December 30, 2013. You must take your first RMD (for 2013) by April 1, 2014.
Example: You are retired and your 70th birthday was July 1, 2013. You reached age 70 on January 1, 2014. You do not have an RMD for 2013. You must take your first RMD (for 2014) by April 1, 2015.








https://www.irs.gov/Retirement-Plans...ibutions-(RMDs)
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Old 10-25-2015, 11:13 AM   #3
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yes
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Old 10-25-2015, 12:05 PM   #4
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My understanding is OP has to take the minimum before April 1, 2016 (Jan/Feb/March 2016 is fine).

Taking some in 2-15 or earlier is fine, but does not count as RMD.

Be sure to take out the required amount as the penalties are draconian if you don't.
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Old 10-25-2015, 12:17 PM   #5
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I turned 70 in March 2015
Took an early withdrawal in April 2015

That should count for the 2015 withdrawal, even though it was prior to
70 1/2?
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Old 10-25-2015, 01:33 PM   #6
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Quote:
Originally Posted by bobbee25 View Post
brain fog
I turned 70 in March 2015
Took an early withdrawal in April 2015

Aren't minimum withdrawals per calendar year ?
So I can take my next one in January 2016 ?
Is there a question here that the April 2015 withdrawal doesn't count as part of the RMD since it came before 70.5? I would think it would count as part of the 2015 RMD.

If you still need to withdraw more to meet 2015 minimum withdrawals you have until April 1 2016 to fill out your 2015 RMD, but that only works for the first year.

If your 2015 RMD is already filled, you should be able to start on the 2016 RMD with a January 2016 withdrawal. I assume your account manager or IRS tax forms will have some way of letting them know if the January 2016 withdrawal is for 2015 or 2016.
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Old 10-25-2015, 01:52 PM   #7
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https://www.irs.gov/Retirement-Plans...istributions#3


"When must I receive my required minimum distribution from my IRA?
You must take your first required minimum distribution for the year in which you turn age 70. "

for the yr you turn 70.5.............it doesn't say after you turn 70.5

if any doubt, post question at fairmark.com in the Retirement Forum and look for Alan S. answer.
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Old 10-25-2015, 10:10 PM   #8
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https://www.bogleheads.org/forum/viewtopic.php?t=106980

https://www.nerdwallet.com/ask/quest...withdraw-11485
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Old 10-25-2015, 10:23 PM   #9
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Quote:
Originally Posted by Sunset View Post
My understanding is OP has to take the minimum before April 1, 2016 (Jan/Feb/March 2016 is fine).

Taking some in 2-15 or earlier is fine, but does not count as RMD.

Be sure to take out the required amount as the penalties are draconian if you don't.
These stupid rules are worded so stupidly, which is me blaming irs for my not being smart enough.

You do have to take an RMD in the year you turn 70.5, but if you miss it, for that one time only you can make it right in the beginning of the following year in Jan/Feb/Mar to make up.
You also have to take by the end of the year you are 71.5 your RMD.
Then each year by the end of the year you have to take an RMD.
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