Can i combine 401k and ira, take manditory withdrawel from either account?
2007-03-30 03:11:40 · 4 answers · asked by maynard t 1 in Business & Finance ➔ Personal Finance
Yes
The IRS only cares that you make a taxable withdrawal and calculate the withdrawal amount based on the value of all of these accounts.
Lots of folks will make their entire withdrawal from just one account even though they have several IRAs/401(k)s.
You don't have to do a pro-rata withdrawal (i.e. take 3.8% from each account).
2007-03-30 05:16:31 · answer #1 · answered by derek 4 · 0⤊ 0⤋
Once you reach 70 1/2 the IRS requires you to start taking withdrawals from your retirement accounts. These distributions are called MRD's and apply to all of your retirement accounts including Traditional IRA's, Rollover IRA's, SEP Plans and 401k plans or 403b plans you may be using.
Congratulations and have a pleasant day.
2007-03-30 03:30:03 · answer #2 · answered by zurioluchi 7 · 0⤊ 0⤋
How much MRD s am I required to withdraw from my 401k and IRA?
2015-12-13 04:08:36 · answer #3 · answered by lorenza 1 · 0⤊ 0⤋
No, they are calculated per account. You would need to do a withdrawal on each in accordance to the RMD on each account. If you have 5 accounts, you must make 5 withdrawals.
2007-03-30 03:17:35 · answer #4 · answered by ricks 5 · 1⤊ 0⤋