May 25, 2012
Can I Defer my RMD Until I Retire
No. The option to defer starting your required minimum distribution (RMD) past age 72 until you retire only applies to the amounts that are held with the company that you currently work for.
For the amounts that are held with companies for which you are no longer an employee, your RMD amounts must be taken every year. If your current employer’s plans you to defer starting your RMDs until you retire and it allows rollovers from other plans, you can rollover your balances from those plans from your former employers into the plan held with your current employer. This would allow you to defer your starting your RMDs until you retire. If you are rolling over amounts from amounts held with your former employers, you must take the RMD due for the year before completing the rollover.
Note: The Option to defer RMDs past age 72 does not apply to IRAs, including SEP and SIMPLE IRAs.
Answer provided by “https://www.linkedin.com/in/deniseappleby” Denise Appleby, CISP, CRC, CRPS, CRSP, APA
Denise Appleby reviews the IRS’s postponement of 2020 IRA contributions and other transactions The IRS recently issued Notice 2021-21, in which they provide a list
A Roth IRA is a retirement savings vehicle that can be established by individual taxpayers. The Roth IRA bears many similarities to the traditional IRA as well as some distinct
The IRS issued Notice 2020-50, in which they expanded the definition of a Qualified Individual, for Coronavirus-Related Distribution purposes. A qualified individual is one who
An individual who takes a distribution from a retirement account may rollover eligible amounts to the same or another retirement account. As long as the