Guest CCarter Posted October 15, 2003 Posted October 15, 2003 I'm a little unclear on the following: If a participant's DOB is 5/17/1931 should I be using their age as of 12/31/02 or 12/31/03 to determine the RMD factor to use with the 12/31/02 balance payable by 12/31/03?
Mike Preston Posted October 15, 2003 Posted October 15, 2003 You use the age that they turn in the calendar year. If born in 1931, then the participant turns 72 in 2003.
Appleby Posted October 15, 2003 Posted October 15, 2003 Therefore...to calculate the RMD for 2003, you use the 'year-end-balance /FMV as of 12/31/02 and the age of the individual in 2003 ( 72) Life and Death Planning for Retirement Benefits by Natalie B. Choatehttps://www.ataxplan.com/life-and-death-planning-for-retirement-benefits/ www.DeniseAppleby.com
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now