PATA
Mar 30 2007, 11:50 AM
Dr. turning 70.5 in August, 2007
Dr. Works for teaching hospital... receives W-2 (assuming a 403b... not my client)
Also owns practice where he is a 50% owner.
As long as he is still employed by the hospital and receives a W-2 he does not have to take a RMD. The practice of which he is a 50% owner he does... correct?
Thanks
J Simmons
Mar 30 2007, 01:12 PM
Correct that he would have an RMD with regards to the 50%-owned practice's plan (and any IRAs he might have). As to the hospital's plan, he may not have an RMD per se so long assuming he does not own (nor is deemed to own) 5% or more of the hospital and has not for the last 5 years. However, the terms of that plan may require payout anyway.
mjb
Mar 30 2007, 05:07 PM
Why cant the Dr rollover the funds from the Drs practice plan to the 403(b) plan by 12/31/07and avoid MRDs for all yrs after 07?
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