Question for the Money Doctors
Question submitted on Jan 29, 2011.
Questionif someone retires on 12/31/2010 and they are 71 years old do they have to take their required minimum distribution for 2010?
Since this individual retired and turned 70.5 in the same calendar year the answer is the same regardless if this is an IRA or a qualified plan and also regardless if the person was a 5% owner or not. Yes, this person must take an RMD for 2010 and has until April 1 of 2011 to take the 2010 RMD.
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