Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 11-08-2014, 12:04 PM
Junior Member
 
Join Date: Nov 2013
Posts: 3
RMD withdrawals timeframes

Hello,

I know the standard RMD withdrawal deadline is by December 31st each year. But is there any problem if I take them before April 15th of the following year? (ie., the same approach allowed for making annual IRA deposits, for example). I wish to wait until after the first of the year to assess performance on my fixed index annuities before deciding which one(s) to take my withdrawals from.

thanks.....



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 11-09-2014, 01:05 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
Originally Posted by donschager View Post
Hello,

I know the standard RMD withdrawal deadline is by December 31st each year. But is there any problem if I take them before April 15th of the following year? (ie., the same approach allowed for making annual IRA deposits, for example). I wish to wait until after the first of the year to assess performance on my fixed index annuities before deciding which one(s) to take my withdrawals from.

thanks.....
as yu know, once you reach ago 70½, you should begin taking a rmd out of your IRA every year. In most cases, the deadline for taking your annual Required RMD, is Dec.31. The exception to this deadline, is provided you are making your very first RMD this year. To be exact and in this case it really matters the deadline for this first withdrawal is April 1 of the year after you reach 70½.Say, you turned 70 in may of 2013, that means you are 70½ in nov2013. Thus, you have until apr 1, 2014 to take your 2013 RMD. After your first withdrawal, each subsequent one must be completed no later than Dec. 31 of that year. If you qualify to delay taking your initial RMD until April, you will have to take two withdrawals next year the one for 2013 and the one for 2014. If you missed the RMD deadline, the first thing you need to do is withdraw the required amount as quickly as possible. The minimum you have to take out of the IRA depends on several factors, such as whether it is your account or, your marital status, etc.In most cases, the custodian of the IRA will help you calculate the amount.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



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

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


Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.