newplananalyst Posted February 6, 2015 Posted February 6, 2015 Quick question regarding RMDs. I have a person that just turned 70.5 and needs a RMD in 2015, she has both pre-tax and roth. I look at the 12/31/2014 balance, and I come up with the RMD amount. Question is, do I have to take a certain portion from Roth, or can I take it all from pre-tax, or is it up to the participant. I appreciate all your help. Apologies for the likely elementary question.
Lou S. Posted February 7, 2015 Posted February 7, 2015 I'm pretty sure that it required pro-ration of the Roth/traditional accounts but the latest IRS Notice 2014-54 may have the clarity you are looking for.
My 2 cents Posted February 11, 2015 Posted February 11, 2015 May be off-track, but if the person turned 70 1/2 in 2014, don't you have to look at the 12/31/13 balance for the minimum distribution for 2014 (due 4/15/15)? If the person turned 70 1/2 after 12/31/14, you don't have a minimum distribution due until 4/15/16, but it would be for 2015 and could impact any attempts to roll over proceeds during 2015. Always check with your actuary first!
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