When Do I reach Age 70 ½ for RMD Purposes?
Definition You reach age 70 1/2 ( 70.5) 6-months after the 70th anniversary of your date-of-birth. The significance of age 70 1/2 The significance of
February 28, 2009
No. Rollovers to IRAs of required minimum distributions (RMDs) from a retirement plan are not permitted. This is true whether the RMD is made because you turned age 70½ or because you retired after age 70½. If you receive your entire account balance in a lump sum, any portion that is an RMD cannot be rolled over, but the remainder can be. For example, if you are retired from the company holding your retirement plan and turned 70½ this year, part of any lump sum received this year cannot be rolled over because the lump sum will include your first year’s RMD, even though your first year’s RMD can be put off until April 1 next year.
*******This Q&A was taken from the IRS’s Summer 2008 Employee Plan Newsletter ******