REQUIRED MINIMUM DISTRIBUTION

[Polliwog]

I turned age 70 on July 1, 2014. For all you tax pros out there, when am I considered to be 70-1/2 for purposes of calculating the RMD. I think I am 70-1/2 on January 1, 2015. Am I correct? I appreciate your help.

Linda

[Rachel]

Pollywog, I started calling the IRS with questions of this nature and was actually surprised at the courtesy and knowledge of the people answering the phone. I am not being sarcastic. The wait can be long, and that is a drag. But it's "free" (your tax dollars) and I think you can trust the info. I always asked the name of the person answering the phone.

[beckyliz]

Be aware, if you wait until the last available date to to take your first RMD, you'll also have to take your second RMD in the same tax year. May have an impact on your income taxes. For example, if you your turn 70 1/2 on January 1, 2015, you have to take your first RMD by April 1 of the calendar year after you turn 70 1/2 (so 4/1/16). You'll also have to take your 2016 RMD that year.

[Polliwog]

Thank you Rachel. I have had good experiences in speaking to the IRS also.

Thank you beckyliz for the reminder. I will be taking the RMD this year, even though I could wait until 2016.

Linda