K-t-F Posted July 9, 2004 Posted July 9, 2004 Someone simply please confirm... If the one who reached 70.5 is a 5% owner ( and of course wife is 5% as well by attribution ) there is no delaying the RMD... correct? Its not easy being green
Guest ERISA_kid Posted July 9, 2004 Posted July 9, 2004 That's correct. Required beginning date for a 5% owner is April 1st of the year following attainment of age 70 1/2. I didn't think that the attribution rules apply in this context, but it appears that you are correct on that point as well.
SoCalActuary Posted July 11, 2004 Posted July 11, 2004 You might have a 242b election from 1983, if the participant has been in the same plan continuously since then. This would exempt the owner from 70 1/2 distributions, assuming that no prior distributions have been made. Such an election should be in the plan's administrative records if it exists.
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