How Can We Help?
< Back
You are here:
Print

2002-62 RMD Modifications

Posted
Last Updated On
ByScooter

L1: 2002-62 RMD ModificationsI have a client who had been taking payments from his IRA under the Amortization method for 4 years and swapped to the RMD method beginning January 2003. Payments under both methods have been taken monthly. The SEPP plan ends in March, 2004. He has been told that the monthly RMD will need to be calculated again for 2004 monthly payments. He intends to stop payments after the SEPP ends in March 2004. Do the payments need to be recalculated for these three months of 2004 and if so, what balance should be used for the calculation? EOY 2003 or EOY 2002? or balance ending November 2003? Thanks for you assistance. Great resource.2003-12-09 05:18, By: scooter, IP: [127.0.0.1]
L2: 2002-62 RMD ModificationsThe 2004 payments should be recalculated using the balance of 12/31/2003 and the attained age factor for 2004.2003-12-09 06:15, By: Gfw, IP: [127.0.0.1]

Table of Contents