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So, we got to talking about RMDs and someone that I think should know insisted that the first RMD had to be taken AFTER the person was 70 1/2 and before April 1 of the next year. I thought is was in the year they reached age 70 1/2 and before etc. and it didn't matter if it was before or after 70 1/2. I'm okay either way as I took more out than my RMD to pay for uninsured dental work, but wanted to clarify. I don't have a pub here to refer to. Thanks.
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Make that topic Another RMD question. I keep finding my right hand off by one key on this new keyboard.
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So, we got to talking about RMDs and someone that I think should know insisted that the first RMD had to be taken AFTER the person was 70 1/2 and before April 1 of the next year. I thought is was in the year they reached age 70 1/2 and before etc. and it didn't matter if it was before or after 70 1/2.

The good news is that, as stated, you're both wrong. You must take your first RMD for the year in which you turn 70 1/2. To make it easier, let's say the person in question turns 70 1/2 in 2013.

(S)he must take an RMD for 2013 between 1/1/2013 and 4/1/2014. It is based on 12/31/2012 balance and 12/31/2013 age.

(S)he must take an RMD for 2014 between 1/1/2014 and 12/31/2014. It is based on 12/31/2013 balance and 12/31/2014 age.

The reference in Pub 590.

Phil
Rule Your Retirement Home Fool
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Thanks, Phil,

That's what I was trying to say. My TIRA is with two different brokers. I took the 2012 RMD amount from one of them in March before I was 70 1/2 and opened a Roth for 2011 with the balance after withholding. I took the 2012 RMD amount plus a little more from the second account in August after I was 70 1/2 to pay dental bills. So I'm good for 2012. It looks like I'll do the same thing in 2013. And, yes I know I could take the total RMD amount from either account rather than some from each.
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