RMD question

[bigla]

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

[kaneohe]

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.

[harley]

Just backing up kaneohe. His info is accurate.

[bigla]

Thank you Kaneohe and harley.
Larry

[OAG]

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).

[kaneohe]

Quote:

Originally Posted by OAG 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.

[OAG]

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.