I have sought answers to my questions by reading IRS pub. 590B, which is unclear.
Please provide answers to the following RMD questions:
2017 RMD: Turned 70.5 yrs. old in 2017. First RMD due by Dec. 31, 2017 or April 1, 2018. I have deferred first RMD to on or before April 1, 2018.
Please confirm that 2017 RMD taken in 2018 will use IRA/SEP-IRA totals from 2016 year end statement?
Please confirm following: 2016 IRA/SEP-IRA year end statement total value = $XXX,XXX.XX divided by 26.5 life expectancy factor = $XX,XXX.XX RMD amount to be taken for 2017 in 2018. I will round up to next whole dollar to be safe. Please confirm this is correct.
2018 RMD: 2018 second RMD due by Dec. 31, 2018 & will use 2017 IRA/SEP-IRA year end statement total value. 2017 year end statement total value INCLUDES 2017 RMD value of $XX,XXX.XX which will be taken on or before April 1, 2018.
Please confirm following: If 2017 IRA/SEP-IRA year end statement total value = $ XXX,XXX.XX, I must subtract value of first RMD taken on or before April 1, 2018, in order to determine ADJUSTED total value of 2017 year end statement.
$XXX,XXX.XX minus $XX,XXX.XX = $XXX,XXX.XX adjusted value of 2017 IRA/SEP-IRA year end statement to be used to calculate 2018 RMD taken on or before Dec. 31,2018?
Turned 71 years old on Dec. 14, 2017. Since I am taking two RMD's in 2018, does the second RMD use life expectancy factor of 26.5 for age 71 or 25.6 for age 72? I will turn 72 on Dec. 14, 2018.
Does it make a difference if second RMD is taken before or after my birthday in 2018, regarding selection of life expectancy factor?
Please confirm that I will pay taxes for 2017 RMD taken on or before April 1, 2018 & 2018 RMD taken on or before Dec. 31, 2018, when I file my 2018 tax return?