Page 1 of 1
RMD mandatory start age
Posted: Wed Oct 18, 2017 12:06 pm
by tgambill
I turned 70 in July, 2017 therefore I will not be 70 1/2 until 2018. According to IRS, I can start my distribution in 2018 or even 2019.
In SETTINGS, there is no option to change the year on mandatory RMD distribution, it is set at 70. We should have the option of 70, 71, or 72.
Re: RMD mandatory start age
Posted: Thu Dec 21, 2017 1:31 am
by enigma-2
I turned 70 in July, 2017 therefore I will not be 70 1/2 until 2018. According to IRS, I can start my distribution in 2018 or even 2019.
In SETTINGS, there is no option to change the year on mandatory RMD distribution, it is set at 70. We should have the option of 70, 71, or 72.
I also turned 70 in July and will be taking my first distribution at the end of 2018. (If you wait until 2019 you will need to take TWO distributions and this will probably throw you into a higher tax bracket).
But, I completely agree. Any RMD taken at age 70 can not be credited for a distribution. Only distributions taken on or after 70-1/2.
I can see where it would be easier and less complicated to program the initial age as 70, but it would be more accurate to use 70-1/2 or even 71 if they person's birthday month is >6.