Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
RMD question
Old 12-03-2008, 10:02 PM   #1
Recycles dryer sheets
bigla's Avatar
 
Join Date: Aug 2007
Location: Mt. Pleasant
Posts: 138
RMD question

To pay for my father's care, I had to liquidate one of his IRA's. The amount was higher than the total of all the rmd's he would have to take this year. Do I still need to take RMD's from his other IRA's?
Thanks
Larry
__________________

__________________
Retired early and loving it.
bigla is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-03-2008, 10:55 PM   #2
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 2,933
If you Google " ira rmd" you end w/ this as one of the finds:
Retirement Plans FAQs regarding Required Minimum Distributions

Item 5 says you can take out of any one or more IRAs as long as you meet
the required total. It's different for 401Ks.

Can an account owner just take a RMD from one account instead of separately from each account?

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.
__________________

__________________
kaneohe is offline   Reply With Quote
Old 12-04-2008, 01:05 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
harley's Avatar
 
Join Date: May 2008
Location: Following the nice weather
Posts: 6,439
Just backing up kaneohe. His info is accurate.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Will Rogers, or maybe Sam Clemens
DW and I - FIREd at 50 (7/06), living off assets
harley is offline   Reply With Quote
Old 12-04-2008, 06:45 AM   #4
Recycles dryer sheets
bigla's Avatar
 
Join Date: Aug 2007
Location: Mt. Pleasant
Posts: 138
Thank you Kaneohe and harley.
Larry
__________________
Retired early and loving it.
bigla is offline   Reply With Quote
Old 12-04-2008, 06:53 AM   #5
Thinks s/he gets paid by the post
OAG's Avatar
 
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,598
I just let PENFED figure it out for DW (and me in a few years). They take it out of the lowest paying CD and deposit it to our Joint MMA. Nice thing about PENFED is that they take out the RMD and leave the remaining part of the CD intact (no closing of a CD no loss of the interest rate the base CD is paying).
__________________
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote
Old 12-04-2008, 07:27 AM   #6
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 2,933
Quote:
Originally Posted by OAG View Post
I just let PENFED figure it out for DW (and me in a few years). They take it out of the lowest paying CD and deposit it to our Joint MMA. Nice thing about PENFED is that they take out the RMD and leave the remaining part of the CD intact (no closing of a CD no loss of the interest rate the base CD is paying).
That only works if all your IRAs are w/ PenFed since they would have no knowledge of IRAs anywhere else. They do act kindly, though, toward us Gray Panthers.......no penalty also for breaking into the CD prematurely unlike most other places.
__________________
kaneohe is offline   Reply With Quote
Old 12-04-2008, 07:30 AM   #7
Thinks s/he gets paid by the post
OAG's Avatar
 
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,598
They are!

PENFED dd change the policy on breaking into IRA/ROTH CD's to get a higher rate (not much of a problem now). The policy was unlimited but now it is once - not sure but I think they changed that about 18 months ago.
__________________

__________________
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
RMD - Fed Tax Withholding Question Jim1Best FIRE and Money 5 03-05-2008 05:12 AM
Annuities and RMD cashflo2u2 FIRE and Money 2 01-11-2008 12:35 PM
RMD and Annuities hogwild FIRE and Money 6 07-25-2007 01:48 PM
RMD Tip charlie FIRE and Money 8 03-03-2006 02:12 PM
IRA RMD Stuff TromboneAl FIRE and Money 12 02-15-2006 07:08 AM

 

 
All times are GMT -6. The time now is 12:37 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.