SIMPLE IRA and over 70 1/2…
If I am over 70 1/2, and, I am still employed with my employer, and, I am still contributing to my SIMPLE IRA…Am I required to make RMD withdrawals from my SIMPLE IRA account?
If I am over 70 1/2, and, I am still employed with my employer, and, I am still contributing to my SIMPLE IRA…Am I required to make RMD withdrawals from my SIMPLE IRA account?
Permalink Submitted by Alan - IRA critic on Thu, 2019-10-31 18:45
Yes. In this situation you must still take an RMD for the SIMPLE IRA even though you can still contribute to it. If you have other non Roth IRA accounts, you can satisfy the RMD for all of them in any combination from those IRA accounts. Therefore, even though you must take an RMD FOR the SIMPLE IRA, you do not necessarily have to take it FROM the SIMPLE IRA if you have other IRA accounts that you would rather use to satisfy your total RMD.
Permalink Submitted by Bob Smith on Tue, 2019-11-05 21:46
Alan, one follow-up question to your answer: the Simple’s RMD can be aggregated and distributed from a tIRA, even if the Simple is an ongoing and active plan, is that correct?
Permalink Submitted by Alan - IRA critic on Wed, 2019-11-06 00:04
Yes, that is correct.
Permalink Submitted by Bob Smith on Wed, 2019-11-06 15:33
Thank you, Alan.