topic An account owner must take the first RMD for the year in... in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/an-account-owner-must-take-the-first-rmd-for-the-year-in/01/276683#M23453 An account owner must take the first RMD for the year in which he or she turns 70 ½. However, the first RMD payment can be delayed until April 1st of the year following the year in which he or she turns 70 ½. For all subsequent years, including the year in which the first RMD was paid by April 1st, the account owner must take the RMD by December 31st of the year.&nbsp;&nbsp;If you wait to take your first RMD until the following year, you will still need to take another&nbsp;&nbsp;RMD for the same year.&nbsp;&nbsp;So you will have to take 2 RMD that year.<BR /><BR />An IRA owner must calculate the RMD separately for each IRA that he or she owns, but can withdraw the total amount from one or more of the IRAs. Similarly, a 403(b) contract owner must calculate the RMD separately for each 403(b) contract that he or she owns, but can take the total amount from one or more of the 403(b) contracts.<BR /><BR />However, RMDs required from other types of retirement plans, such as 401(k) and 457(b) plans have to be taken separately from each of those plan accounts.<BR /><BR />See this IRS FAQ on RMDs….<BR /><A rel="nofollow" target="_blank" href="http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Required-Minimum-Distributions">http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Required-Minimum-Distributions</A> <BR /><BR /> Sun, 02 Jun 2019 03:52:50 GMT VolvoGirl 2019-06-02T03:52:50Z I have a nondeductible Traditional IRA(after-tax contributions) and an Employer 401K plan. Can I withdraw all my MRDs from the nondeductible IRA and none from the 401K ? https://ttlc.intuit.com/community/retirement/discussion/i-have-a-nondeductible-traditional-ira-after-tax-contributions-and-an-employer-401k-plan-can-i/01/276682#M23452 <P>Traditional IRA is after-tax contribution and I have records of all the contributions.&nbsp; MRDs from this IRA would lower my current tax payments . MRD from Employer 401K which are pre-tax contributions. Can I withdraw my total MRDs from the traditional IRA only? Thanks</P> Sun, 02 Jun 2019 03:52:49 GMT https://ttlc.intuit.com/community/retirement/discussion/i-have-a-nondeductible-traditional-ira-after-tax-contributions-and-an-employer-401k-plan-can-i/01/276682#M23452 sshenoy1999 2019-06-02T03:52:49Z An account owner must take the first RMD for the year in... https://ttlc.intuit.com/community/retirement/discussion/an-account-owner-must-take-the-first-rmd-for-the-year-in/01/276683#M23453 An account owner must take the first RMD for the year in which he or she turns 70 ½. However, the first RMD payment can be delayed until April 1st of the year following the year in which he or she turns 70 ½. For all subsequent years, including the year in which the first RMD was paid by April 1st, the account owner must take the RMD by December 31st of the year.&nbsp;&nbsp;If you wait to take your first RMD until the following year, you will still need to take another&nbsp;&nbsp;RMD for the same year.&nbsp;&nbsp;So you will have to take 2 RMD that year.<BR /><BR />An IRA owner must calculate the RMD separately for each IRA that he or she owns, but can withdraw the total amount from one or more of the IRAs. Similarly, a 403(b) contract owner must calculate the RMD separately for each 403(b) contract that he or she owns, but can take the total amount from one or more of the 403(b) contracts.<BR /><BR />However, RMDs required from other types of retirement plans, such as 401(k) and 457(b) plans have to be taken separately from each of those plan accounts.<BR /><BR />See this IRS FAQ on RMDs….<BR /><A rel="nofollow" target="_blank" href="http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Required-Minimum-Distributions">http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Required-Minimum-Distributions</A> <BR /><BR /> Sun, 02 Jun 2019 03:52:50 GMT https://ttlc.intuit.com/community/retirement/discussion/an-account-owner-must-take-the-first-rmd-for-the-year-in/01/276683#M23453 VolvoGirl 2019-06-02T03:52:50Z Thanks. I was under the impression that I could withdraw... https://ttlc.intuit.com/community/retirement/discussion/thanks-i-was-under-the-impression-that-i-could-withdraw/01/276684#M23454 Thanks. I was under the impression that I could withdraw total calculated MRDs from any one account!<BR />Thanks for clarifying that the Employer 401 K ( Fidelity netbenefits) and traditional IRAs ( Fidelity Traditional non-deductible) are two separate entities, and MRDs taken separately. Sun, 02 Jun 2019 03:52:51 GMT https://ttlc.intuit.com/community/retirement/discussion/thanks-i-was-under-the-impression-that-i-could-withdraw/01/276684#M23454 sshenoy1999 2019-06-02T03:52:51Z ps....the proper way to say it is RMD  required minimum d... https://ttlc.intuit.com/community/retirement/discussion/ps-the-proper-way-to-say-it-is-rmd-required-minimum-d/01/276685#M23455 ps....the proper way to say it is RMD&nbsp;&nbsp;required minimum distribution. Sun, 02 Jun 2019 03:52:51 GMT https://ttlc.intuit.com/community/retirement/discussion/ps-the-proper-way-to-say-it-is-rmd-required-minimum-d/01/276685#M23455 VolvoGirl 2019-06-02T03:52:51Z no. if rmd's are required from both 401k and IRA they mus... https://ttlc.intuit.com/community/retirement/discussion/no-if-rmd-s-are-required-from-both-401k-and-ira-they-mus/01/276686#M23456 <P>no. if rmd's are required from both 401k and IRA they must be taken from the proper account.&nbsp; &nbsp;failure to do so could result in a 50% penalty.&nbsp;&nbsp;</P> Sun, 02 Jun 2019 03:52:53 GMT https://ttlc.intuit.com/community/retirement/discussion/no-if-rmd-s-are-required-from-both-401k-and-ira-they-mus/01/276686#M23456 Anonymous 2019-06-02T03:52:53Z Thanks. I was under the impression that I could withdraw... https://ttlc.intuit.com/community/retirement/discussion/thanks-i-was-under-the-impression-that-i-could-withdraw/01/276687#M23457 Thanks. I was under the impression that I could withdraw total calculated MRDs from any one account!<BR />Thanks for clarifying that the Employer 401 K ( Fidelity netbenefits) and traditional IRAs ( Fidelity Traditional non-deductible) are two separate entities, and MRDs taken separately. Sun, 02 Jun 2019 03:52:54 GMT https://ttlc.intuit.com/community/retirement/discussion/thanks-i-was-under-the-impression-that-i-could-withdraw/01/276687#M23457 sshenoy1999 2019-06-02T03:52:54Z you can satisfy your IRA requirement from any one or any... https://ttlc.intuit.com/community/retirement/discussion/you-can-satisfy-your-ira-requirement-from-any-one-or-any/01/276688#M23458 you can satisfy your IRA requirement from any one or any combinations of the IRAs.<BR />each of your 401(k)s must be treated separately and a distribution taken.. Sun, 02 Jun 2019 03:52:55 GMT https://ttlc.intuit.com/community/retirement/discussion/you-can-satisfy-your-ira-requirement-from-any-one-or-any/01/276688#M23458 fanfare 2019-06-02T03:52:55Z Thanks https://ttlc.intuit.com/community/retirement/discussion/thanks/01/276689#M23459 Thanks Sun, 02 Jun 2019 03:52:56 GMT https://ttlc.intuit.com/community/retirement/discussion/thanks/01/276689#M23459 sshenoy1999 2019-06-02T03:52:56Z
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topic An account owner must take the first RMD for the year in... in Retirement tax questions
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https://ttlc.intuit.com/community/retirement/discussion/an-account-owner-must-take-the-first-rmd-for-the-year-in/01/276683#M23453
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An account owner must take the first RMD for the year in which he or she turns 70 ½. However, the first RMD payment can be delayed until April 1st of the year following the year in which he or she turns 70 ½. For all subsequent years, including the year in which the first RMD was paid by April 1st, the account owner must take the RMD by December 31st of the year.&nbsp;&nbsp;If you wait to take your first RMD until the following year, you will still need to take another&nbsp;&nbsp;RMD for the same year.&nbsp;&nbsp;So you will have to take 2 RMD that year.<BR /><BR />An IRA owner must calculate the RMD separately for each IRA that he or she owns, but can withdraw the total amount from one or more of the IRAs. Similarly, a 403(b) contract owner must calculate the RMD separately for each 403(b) contract that he or she owns, but can take the total amount from one or more of the 403(b) contracts.<BR /><BR />However, RMDs required from other types of retirement plans, such as 401(k) and 457(b) plans have to be taken separately from each of those plan accounts.<BR /><BR />See this IRS FAQ on RMDs….<BR /><A rel="nofollow" target="_blank" href="http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Required-Minimum-Distributions">http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Required-Minimum-Distributions</A> <BR /><BR />
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<pubDate>Sun, 02 Jun 2019 03:52:50 GMT</pubDate>
<dc:creator>VolvoGirl</dc:creator>
<dc:date>2019-06-02T03:52:50Z</dc:date>
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I have a nondeductible Traditional IRA(after-tax contributions) and an Employer 401K plan. Can I withdraw all my MRDs from the nondeductible IRA and none from the 401K ?
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https://ttlc.intuit.com/community/retirement/discussion/i-have-a-nondeductible-traditional-ira-after-tax-contributions-and-an-employer-401k-plan-can-i/01/276682#M23452
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<P>Traditional IRA is after-tax contribution and I have records of all the contributions.&nbsp; MRDs from this IRA would lower my current tax payments . MRD from Employer 401K which are pre-tax contributions. Can I withdraw my total MRDs from the traditional IRA only? Thanks</P>
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<pubDate>Sun, 02 Jun 2019 03:52:49 GMT</pubDate>
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<dc:date>2019-06-02T03:52:49Z</dc:date>
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<title>
An account owner must take the first RMD for the year in...
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<link>
https://ttlc.intuit.com/community/retirement/discussion/an-account-owner-must-take-the-first-rmd-for-the-year-in/01/276683#M23453
</link>
<description>
An account owner must take the first RMD for the year in which he or she turns 70 ½. However, the first RMD payment can be delayed until April 1st of the year following the year in which he or she turns 70 ½. For all subsequent years, including the year in which the first RMD was paid by April 1st, the account owner must take the RMD by December 31st of the year.&nbsp;&nbsp;If you wait to take your first RMD until the following year, you will still need to take another&nbsp;&nbsp;RMD for the same year.&nbsp;&nbsp;So you will have to take 2 RMD that year.<BR /><BR />An IRA owner must calculate the RMD separately for each IRA that he or she owns, but can withdraw the total amount from one or more of the IRAs. Similarly, a 403(b) contract owner must calculate the RMD separately for each 403(b) contract that he or she owns, but can take the total amount from one or more of the 403(b) contracts.<BR /><BR />However, RMDs required from other types of retirement plans, such as 401(k) and 457(b) plans have to be taken separately from each of those plan accounts.<BR /><BR />See this IRS FAQ on RMDs….<BR /><A rel="nofollow" target="_blank" href="http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Required-Minimum-Distributions">http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Required-Minimum-Distributions</A> <BR /><BR />
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<pubDate>Sun, 02 Jun 2019 03:52:50 GMT</pubDate>
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<dc:creator>VolvoGirl</dc:creator>
<dc:date>2019-06-02T03:52:50Z</dc:date>
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<title>
Thanks. I was under the impression that I could withdraw...
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<link>
https://ttlc.intuit.com/community/retirement/discussion/thanks-i-was-under-the-impression-that-i-could-withdraw/01/276684#M23454
</link>
<description>
Thanks. I was under the impression that I could withdraw total calculated MRDs from any one account!<BR />Thanks for clarifying that the Employer 401 K ( Fidelity netbenefits) and traditional IRAs ( Fidelity Traditional non-deductible) are two separate entities, and MRDs taken separately.
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<pubDate>Sun, 02 Jun 2019 03:52:51 GMT</pubDate>
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<dc:creator>sshenoy1999</dc:creator>
<dc:date>2019-06-02T03:52:51Z</dc:date>
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ps....the proper way to say it is RMD  required minimum d...
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https://ttlc.intuit.com/community/retirement/discussion/ps-the-proper-way-to-say-it-is-rmd-required-minimum-d/01/276685#M23455
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ps....the proper way to say it is RMD&nbsp;&nbsp;required minimum distribution.
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<pubDate>Sun, 02 Jun 2019 03:52:51 GMT</pubDate>
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https://ttlc.intuit.com/community/retirement/discussion/ps-the-proper-way-to-say-it-is-rmd-required-minimum-d/01/276685#M23455
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<dc:creator>VolvoGirl</dc:creator>
<dc:date>2019-06-02T03:52:51Z</dc:date>
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no. if rmd's are required from both 401k and IRA they mus...
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https://ttlc.intuit.com/community/retirement/discussion/no-if-rmd-s-are-required-from-both-401k-and-ira-they-mus/01/276686#M23456
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<P>no. if rmd's are required from both 401k and IRA they must be taken from the proper account.&nbsp; &nbsp;failure to do so could result in a 50% penalty.&nbsp;&nbsp;</P>
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<pubDate>Sun, 02 Jun 2019 03:52:53 GMT</pubDate>
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Thanks. I was under the impression that I could withdraw...
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https://ttlc.intuit.com/community/retirement/discussion/thanks-i-was-under-the-impression-that-i-could-withdraw/01/276687#M23457
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<description>
Thanks. I was under the impression that I could withdraw total calculated MRDs from any one account!<BR />Thanks for clarifying that the Employer 401 K ( Fidelity netbenefits) and traditional IRAs ( Fidelity Traditional non-deductible) are two separate entities, and MRDs taken separately.
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<pubDate>Sun, 02 Jun 2019 03:52:54 GMT</pubDate>
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https://ttlc.intuit.com/community/retirement/discussion/thanks-i-was-under-the-impression-that-i-could-withdraw/01/276687#M23457
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<dc:creator>sshenoy1999</dc:creator>
<dc:date>2019-06-02T03:52:54Z</dc:date>
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<title>
you can satisfy your IRA requirement from any one or any...
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<link>
https://ttlc.intuit.com/community/retirement/discussion/you-can-satisfy-your-ira-requirement-from-any-one-or-any/01/276688#M23458
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you can satisfy your IRA requirement from any one or any combinations of the IRAs.<BR />each of your 401(k)s must be treated separately and a distribution taken..
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<pubDate>Sun, 02 Jun 2019 03:52:55 GMT</pubDate>
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<dc:creator>fanfare</dc:creator>
<dc:date>2019-06-02T03:52:55Z</dc:date>
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<title>Thanks</title>
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<description>Thanks</description>
<pubDate>Sun, 02 Jun 2019 03:52:56 GMT</pubDate>
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<dc:creator>sshenoy1999</dc:creator>
<dc:date>2019-06-02T03:52:56Z</dc:date>
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