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Question for the Money Doctors

Question submitted on Apr 24, 2012.

Question

To whom it may concern: Ref: RMD''S.
Thank you for your answer, but I''m a little confused.....Can I do a RMD this year 2012???? Remember that I will not be 70 1/2 until Dec. 31/2012.
Thank you again for you answer.

Answer

You indicated your birthday as 6/30/42 so you are 70-1/2 in 2012.  You must take your first RMD by April 1 of the calendar year following the calendar year in which you attain age 70-1/2, so this would be 4/1/2013.  However, you have the option to take your first RMD in 2012 since this is the first year you are 70-1/2.

If your birthday was 7/1/42, you would turn 70-1/2 1/1/13, and then you would have the same options, take a double RMD in 2014, or split them and begin in 2013.


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