Guest Elfman Posted June 8, 2005 Posted June 8, 2005 Father owns 2 shares of 51 in company; wife owns 3 shares of 51; children own the balance of shares; Father just turned 70 1/2 and is still receiving comp as an employee. Does the father have to take RMD from the 401k since he is less than a 5% owner, or does family attribution apply since his wife also owns 3 shares. He would like to not have to take a distribution at this time.
Blinky the 3-eyed Fish Posted June 8, 2005 Posted June 8, 2005 The determination of ownership for 401(a)(9) is under IRC 318. These rules attribute ownership from children and of course the spouse. He is > 5% owner and must get his RMD. "What's in the big salad?" "Big lettuce, big carrots, tomatoes like volleyballs."
Blinky the 3-eyed Fish Posted June 24, 2005 Posted June 24, 2005 What took you so long? Next time I want agreement within 2 days. :angry: "What's in the big salad?" "Big lettuce, big carrots, tomatoes like volleyballs."
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