401_noob Posted December 14, 2018 Share Posted December 14, 2018 Question for my fellow admins. I know that 10% withholding is required on RMDs, but in practice do you withhold 10% unless the participant completes a W-4P, or do you process the RMD with no withholding unless the participant tells you otherwise? Link to comment Share on other sites More sharing options...
Larry Starr Posted December 14, 2018 Share Posted December 14, 2018 The W-4P is either used to make it zero or 10% withholding applies. We provide the W-4P with our distribution forms, so it is just not a big deal. Lawrence C. Starr, FLMI, CLU, CEBS, CPC, ChFC, EA, ATA, QPFC President Qualified Plan Consultants, Inc. 46 Daggett Drive West Springfield, MA 01089 413-736-2066 larrystarr@qpc-inc.com Link to comment Share on other sites More sharing options...
Bird Posted December 14, 2018 Share Posted December 14, 2018 We have an election on our forms, either "no withholding" or a % or amount, with a note that if nothing is elected it will be based on current tables. Rarely or never had to look it up...I think 10% is only up to a certain amount but since I rarely or never had to look it up, don't know for sure. ? Ed Snyder Link to comment Share on other sites More sharing options...
ESOP Guy Posted December 14, 2018 Share Posted December 14, 2018 Our firm is like Bird's we simply put on the RMD form. If we don't get a form it is 10%. It is easy to get right. Link to comment Share on other sites More sharing options...
Appleby Posted December 20, 2018 Share Posted December 20, 2018 On 12/14/2018 at 3:05 PM, Bird said: We have an election on our forms, either "no withholding" or a % or amount, with a note that if nothing is elected it will be based on current tables. Rarely or never had to look it up...I think 10% is only up to a certain amount but since I rarely or never had to look it up, don't know for sure. ? You are right. It's either zero, or at least 10% for non-periodic distributions. Life and Death Planning for Retirement Benefits by Natalie B. Choatehttps://www.ataxplan.com/life-and-death-planning-for-retirement-benefits/ www.DeniseAppleby.com Link to comment Share on other sites More sharing options...
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