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It has always been my understanding that the better question is: Can you cite where they are allowed to stop? If you read the rules it is clear if they are a 5% owner they must start taking RMDs in their required date once they reach the age that triggers the RMD. They must take them every year after that unless you can show why they can stop. There is no rule that says they can stop so they must keep taking them.1 point
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Non owner RMD... must one be taken??
Luke Bailey reacted to John Feldt ERPA CPC QPA for a topic
Yes, you’re rounding third now and almost home. The regulations do not require the RMD, but you now have to read the fabulous plan document. And also check to see if, perhaps, they started RMDs in a prior year already.1 point -
RMD for deceased participant, can check be made payable to estate?
bito'money reacted to Luke Bailey for a topic
rocknrolls2, I agree with Appleby. I think you have to distinguish between what has to be paid and when (RMD in year of death), and to whom it belongs. If the check had been cut right before the individual died, it would go into the estate. But once the participant dies, the account belongs to the beneficiary.1 point -
Cash Balance Question
Bill Presson reacted to CuseFan for a topic
no1 point -
RMD for deceased participant, can check be made payable to estate?
bito'money reacted to Appleby for a topic
I can see how that could be seen as the right option- it is practical. However, the RMD for the year of death must be distributed/paid to the beneficiary and included in the income of the beneficiary, if it was not already taken by the decedent. It would still be calculated as if the account owner lived through to the end of the year. @Lou S.'s response above is 💯% correct.1 point -
RMD for deceased participant, can check be made payable to estate?
bito'money reacted to Bird for a topic
Agree. The fact that it is an RMD is irrelevant as far as who gets it. It goes to the beneficiary, however that is determined.1 point -
RMD for deceased participant, can check be made payable to estate?
bito'money reacted to Belgarath for a topic
Did she have a named beneficiary or beneficiaries? If not, what does the plan language have for a hierarchy of beneficiaries if no one is named? IMHO, you have to follow through that process.1 point
