The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Re: Draw which first?||Date: 8/10/1999 2:25 PM|
|Author: bailey7094||Number: 13038 of 77872|
My guess is the post contained a typo. The account owner must begin withdrawals from a
traditional IRA no later than April 1 of the year following the year in which he/she attains age 70
1/2. If postponed to that date, then a second withdrawal must occur no later than December 31 of
that same year.
Thanks for your generousity, Pixy. That post was from the Foolish (absent minded) Prof. Somewhat of a slip of the gears. For me it works out to be about 71.5, but only because my birthday is Oct 16: April 16 equals 70.5; Oct 16 equals 71; then April 1 almost equals 71.5.
Your last sentence is pretty important. It means I don't want to wait until 71.5 and get a double hit on income tax.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|