Ask Experts Questions for FREE Help !
Ask
    amos39's Avatar
    amos39 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 14, 2008, 07:51 PM
    70.5 Minimum Required Distributions working
    I'm retired, can I go back to work at a minimal job & defer the MRD distribution for a few years?
    KISS's Avatar
    KISS Posts: 12,510, Reputation: 839
    Uber Member
    		  
    #2

    Apr 14, 2008, 07:56 PM
    Nope. It's an age thing only. You MUST start taking the RMD at age 70.5. Remember, that you don't have to take the distributions from each account as long as the total amount required is correct. Also when you are 70.5 interest penalties for IRA CD's are not imposed.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Apr 14, 2008, 10:21 PM
    If distributions are less than the required minimum distribution for the year, you may have to pay a 50% excise tax for that year on the amount not distributed as required.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Spouse on L2 visa not working, do I required SSN for Tax filing [ 4 Answers ]

Hi, I came to US on L1 visa. My wife and daughter are living with me. Both are having L2 visa. My wife is not working. I have question about tax filing. While tax filing which filing status I need to select. Also, I don't have SSN for either. When I start filing online, it ask me SSN of my wife....

LLC Distributions [ 1 Answers ]

What is the Equity section disclosure for LLC distributions to members? Does the distribution need to be disclosed on a separate line item or combined against members capital?

PA State Tax - minimum wages earned before required to file [ 2 Answers ]

Hello my son received his W2 late - He earned $477 in 2006. Is he required to file a PA State tax form? I understand he is not required to file a federal form based on the wages earned. Thank you

View more questions Search