2007-12-24 00:33:10 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Generally when you turn 70 1/2 you must start taking minimum required withdrawals from your IRA. In your case that would be February 2008.
But there is a loophole that nobody else mentioned! If you are currently employed, and continue working for that same employer past the age of 70 1/2, you do not have to start withdrawing from that account until you leave that company! You can't leave that job and work for another company, nor have a layoff, the employment must be continuous with that employer. I know one man who did this until he was 76 and finally got tired of working, and had a real nice nest egg built up.
2007-12-25 17:31:34 · answer #1 · answered by robertdr60 3 · 0⤊ 0⤋
You must start taking withdrawals at age 70 1/2 which will be in Feb 2008.
See the link below for more info.
2007-12-24 02:03:26 · answer #2 · answered by Steve 6 · 0⤊ 1⤋
August 2016 will turn 70 for ira traditional will wiithdrawals then?
2016-08-25 07:18:10 · answer #3 · answered by Anonymous · 0⤊ 1⤋
You will become liable for your first RMD in 2008. For that year only, you can actually delay the RMD until April 1, 2009, but that would mean you would have 2 distributions in 2009, to pay tax on.
In 2009 and following years you must take the RMD by year end. For details, and to determine the amount, see IRS Pub 590.
2007-12-24 08:31:55 · answer #4 · answered by r_kav 4 · 0⤊ 0⤋
feb 2008!!!
2007-12-24 00:41:20 · answer #5 · answered by Anonymous · 0⤊ 1⤋
www.ira.com
2007-12-24 00:44:10 · answer #6 · answered by Anonymous · 0⤊ 0⤋