Question: How does a SPIA from iIRA affect RMDs?
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?
"Don't you draw the queen of diamonds, boy, she'll beat you if she's able.
You know the queen of hearts is always your best bet" -- The Eagles, Desperado