misanman
Thinks s/he gets paid by the post
- Joined
- Apr 28, 2008
- Messages
- 1,252
We are considering the purchase of a SPIA using funds from our tIRA but I'm wondering how this affects the tIRA RMDs.
Does the purchase of the SPIA immediately reduce the balance in the tIRA so that the RMDs for the following year, which would be based on year-end balance, are reduced accordingly?
Does the SPIA purchase have any impact on income tax reporting for the year in which purchased?
Thanks!
Does the purchase of the SPIA immediately reduce the balance in the tIRA so that the RMDs for the following year, which would be based on year-end balance, are reduced accordingly?
Does the SPIA purchase have any impact on income tax reporting for the year in which purchased?
Thanks!