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    pudelmama812's Avatar
    pudelmama812 Posts: 3, Reputation: 1
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    #1

    Mar 3, 2016, 12:16 PM
    401K Withdrawal Required if
    If you are still employed at age 70 1/2 are you required to still take a RMD? Or can you postpone it until you retire from the company? If you must take a RMD is there anything you can roll it over to and not pay taxes until you actually retire and need the money? Can you still contribute after age 70 1/2 to you 401K if still employed?
    ebaines's Avatar
    ebaines Posts: 12,130, Reputation: 1307
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    #2

    Mar 3, 2016, 01:12 PM
    No - you are NOT required by the IRS to take the RMD if you are still working. However - plan rules vary, so it's possible that your company's plan could require distributions even though the IRS doesn't require it. So it's best to check with your HR department.

    For RMDs there is no way to do a roll-over to something else to avoid taxes. After all, the whole point of RMDs is to ensure that he IRS gets its tax payments which have been deferred.

    If still employed after age 70-1/2 you should be able to contribute to your company's 401(k). But again, plan rules vary so it would be best to confirm with your HR department.
    pudelmama812's Avatar
    pudelmama812 Posts: 3, Reputation: 1
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    #3

    Mar 3, 2016, 01:56 PM
    So to verify, if still working IRS doesn't require a "RMD" of a 401K and if still working should be able to continue to contribute. But to be sure on particular 401K check with HR department. Is there anyway to lower your tax bill if one is going to continue to work?
    ebaines's Avatar
    ebaines Posts: 12,130, Reputation: 1307
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    #4

    Mar 3, 2016, 02:59 PM
    Quote Originally Posted by pudelmama812 View Post
    Is there anyway to lower your tax bill if one is going to continue to work?
    Only through the standard deductions and credits that are available, such as charitable contributions, renewable energy tax credits, etc., or by taking losses on any investments you might own (outside of the 401(k)).

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