If a person is not retired but over 70 12 years old, would he still have to take a RMD from an employeer retirement account? He did take a RMD from his IRA.

Forum|Forum|7 years ago
June 6, 2019
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Best answer by TomD8

For most people who have 401(k)s or other employee retirement plans, the required beginning date — that is, the date by which they must take their first RMD — is the same April 1 date as for IRA owners. But there’s an exception. If they are still working for the company where they have the plan, they don’t own more than 5% of the company, and the plan allows them, they can delay their required beginning date to April 1 of the year following the year they finally retire. This is sometimes called the “still working” exception to the required beginning date.

https://www.financial-planning.com/news/the-still-working-exception-for-rmds-in-401-k-s

TomD8

Answer

Alumni - Champ

https://www.financial-planning.com/news/the-still-working-exception-for-rmds-in-401-k-s

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

dmertz

Level 15

The answer above assumes that the workplace plan is not a SEP or SIMPLE IRA plan. SEP and SIMPLE IRAs are types of traditional IRAs from which anyone age 70½ or older is required to take RMDs.