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  • Question about RMDs Required Min Distribution

    From none one@21:1/5 to All on Sat May 27 14:54:28 2023
    If I make some withdrawals from my IRA and my age is over 59 1/2 but under 72, will those withdrawals go toward satisfying the IRS RMD when I do turn 72. In other words lets say I am 70 and need the cash so I make some withdrawals. I make the
    withdrawals and pay the required taxes. Will these distributions count towards my RMDs when I turn 72?
    If so, how are these accounted for?

    Or does the IRS simply look at the balance in my IRA (which will be reduced due to the previous distributions) when I turn 72 and calculate the RMD based on the current balance?

    thanks Mark

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  • From ira smilovitz@21:1/5 to none one on Sat May 27 15:29:38 2023
    On Saturday, May 27, 2023 at 2:58:04 PM UTC-4, none one wrote:
    If I make some withdrawals from my IRA and my age is over 59 1/2 but under 72, will those withdrawals go toward satisfying the IRS RMD when I do turn 72. In other words lets say I am 70 and need the cash so I make some withdrawals. I make the
    withdrawals and pay the required taxes. Will these distributions count towards my RMDs when I turn 72?
    If so, how are these accounted for?

    Or does the IRS simply look at the balance in my IRA (which will be reduced due to the previous distributions) when I turn 72 and calculate the RMD based on the current balance?

    thanks Mark

    --
    RMDs are calculated based on the December 31 balance. Whatever happened in earlier years is irrelevant to the calculation.

    Ira Smilovitz, EA
    Leonia, NJ

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Stan Brown@21:1/5 to none one on Sun May 28 00:39:30 2023
    On Sat, 27 May 2023 14:54:28 EDT, none one wrote:

    If I make some withdrawals from my IRA and my age is over 59 1/2
    but under 72, will those withdrawals go toward satisfying the IRS
    RMD when I do turn 72.


    No.

    RMDs must be taken in the year you turn 73 (not 72 -- the law was
    changed last year), then in each subsequent year. That's calendar
    year, not tax year: the RMD must be taken by Dec. 31 of the relevant
    year. Unlike contributions to an IRA, the deadline is Dec. 31 not the
    April due date of your taxes.

    You can't "bank" withdrawals against a future year's RMD.

    --
    Stan Brown, Tehachapi, California, USA https://BrownMath.com/
    Shikata ga nai...

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From none one@21:1/5 to Stan Brown on Tue May 30 00:45:34 2023
    On Sunday, May 28, 2023 at 12:43:16 AM UTC-4, Stan Brown wrote:
    On Sat, 27 May 2023 14:54:28 EDT, none one wrote:

    If I make some withdrawals from my IRA and my age is over 59 1/2
    but under 72, will those withdrawals go toward satisfying the IRS
    RMD when I do turn 72.
    No.

    RMDs must be taken in the year you turn 73 (not 72 -- the law was
    changed last year), then in each subsequent year. That's calendar
    year, not tax year: the RMD must be taken by Dec. 31 of the relevant
    year. Unlike contributions to an IRA, the deadline is Dec. 31 not the
    April due date of your taxes.

    You can't "bank" withdrawals against a future year's RMD.

    --
    Stan Brown, Tehachapi, California, USA https://BrownMath.com/
    Shikata ga nai...



    thank you to both replies
    Mark

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)