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One time change

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Last Updated On
ByCory

L1: One time changeIf the one time change to the RMD is made today. Is the IRA account balance on 12/31/01 or today’s account balance used for purposes of determining the new payment? As a followup, if the 12/31/01 balance is allowed.Can the new RMD payment begin today or must it be retroactive to the first of the year?2002-10-15 11:51, By: Cory, IP: [127.0.0.1]
L2: One time changeYou’ll get different responses on what balance to use, but I would probably use the balance at the end of themonth prior to making the change. Just document what you are doing and you shouldn’t have a problem.
If you plan on switching to a calendar year for 2003, also make that part of the plan. Take 1/12 for December and start again in January.
Just be willing to justify what you are doing and you shouldn’t have a problem. You can get some general guidance from the sample form that we have posted. 2002-10-15 20:13, By: Gfw, IP: [127.0.0.1]

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