I turned 70 1/2 years old in July of 2014. I know what my first year RMD is. I would like to take 80% of it in calandar year 2014 and 20% of it in January of 2015 before the April 1st 2015 deadline. (I also intend to take the full second year 2015 RMD in calandar year 2015.) My question is can I split the distribution as mentioned above not incur any penalty?
Reason for question: I live in NJ and if I can make the above split my NJ income for 2014 will be under $100,000. This will allow me to take a $20,000 IRA deduction from my state taxable income.