Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
lenwrph657
Returning Member

For Annuity (Qualified IRA) & first year of RMD 2016- what is 1st yr of withdrawals based on Balance of Dec 31st or other - (Total contributions previously taxed)

For an Annuity (Qualified IRA) with the  first year of RMD withdrawal in 2016- what is 1st yr of withdrawals based on -is it  Balance as  of Dec 31st or another date  (Total contributions previously taxed)

1 Best answer

Accepted Solutions
DDollar
Level 4

For Annuity (Qualified IRA) & first year of RMD 2016- what is 1st yr of withdrawals based on Balance of Dec 31st or other - (Total contributions previously taxed)

The required minimum distribution for any year is the account balance as of the end of the immediately preceding calendar year divided by a distribution period from the IRS’s “Uniform Lifetime Table.”  So, if the year of the first RMD was  2016, it would be based on the value as of December 31, 2015.


View solution in original post

1 Reply
DDollar
Level 4

For Annuity (Qualified IRA) & first year of RMD 2016- what is 1st yr of withdrawals based on Balance of Dec 31st or other - (Total contributions previously taxed)

The required minimum distribution for any year is the account balance as of the end of the immediately preceding calendar year divided by a distribution period from the IRS’s “Uniform Lifetime Table.”  So, if the year of the first RMD was  2016, it would be based on the value as of December 31, 2015.


Dynamic AdsDynamic Ads
Privacy Settings
v