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#4
11-14-2003, 03:01 PM
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 Re: Mandatory minimum withdrawals: cumulative or year-by-year? AES/newspost <siegman[at]stanford.edu> wrote: - quote - > Let's say that the mandatory minimum withdrawals from my
You can take the $70K this year (you can ALWAYS take more> tax-deferred TIAA-CREF retirement savings (currently age 72) > will be, in round numbers, $50K this year and again next > year. For cash flow reasons, however, I'd like to withdraw > $70K this year. Can I then only withdraw $30K next year? than the minimum), but you will have to take the RMD next year. That is based on your account balance, actuarial factor, etc as described in Pub 590. If that is $50K, then you cannot take only $30K. - quote - > In more general terms, is the IRS requirement only to meet
No, the IRS policy is for you to take the RMD (or more) each> some cumulative withdrawal target by the end of each year? > (As might seem a reasonable policy objective, with the > cumulative target of course increasing each year considering > all previous withdrawals, recent deposits, and growth in > value) year. There is no cumulative total that you must meet. - quote - > Or, perhaps in the interest of simplification, is the
that's the one.> requirement simply stated as a year by year mandatory > withdrawal, based only on current savings at the start of > the year and actualial considerations for the retiree? (As > I expect is the case.) << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
11-14-2003, 03:01 PM
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| Re: Mandatory minimum withdrawals: cumulative or year-by-year? AES/newspost <siegman[at]stanford.edu> wrote: - quote - > Let's say that the mandatory minimum withdrawals from my
Sorry, but it's the minimum for the year, and there's no> tax-deferred TIAA-CREF retirement savings (currently age 72) > will be, in round numbers, $50K this year and again next > year. For cash flow reasons, however, I'd like to withdraw > $70K this year. Can I then only withdraw $30K next year? > In more general terms, is the IRS requirement only to meet > some cumulative withdrawal target by the end of each year? > (As might seem a reasonable policy objective, with the > cumulative target of course increasing each year considering > all previous withdrawals, recent deposits, and growth in > value) > Or, perhaps in the interest of simplification, is the > requirement simply stated as a year by year mandatory > withdrawal, based only on current savings at the start of > the year and actualial considerations for the retiree? (As > I expect is the case.) carryforward or credit for taking more than the minimum one year. If you have to take 50,000 and take 70,000 you get no credit for the next year. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
11-14-2003, 02:42 PM
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| Re: Mandatory minimum withdrawals: cumulative or year-by-year? "AES/newspost" <siegman[at]stanford.edu> wrote: - quote - > Let's say that the mandatory minimum withdrawals from my
The requirement is an annual requirement. If you take more> tax-deferred TIAA-CREF retirement savings (currently age 72) > will be, in round numbers, $50K this year and again next > year. For cash flow reasons, however, I'd like to withdraw > $70K this year. Can I then only withdraw $30K next year? > In more general terms, is the IRS requirement only to meet > some cumulative withdrawal target by the end of each year? > (As might seem a reasonable policy objective, with the > cumulative target of course increasing each year considering > all previous withdrawals, recent deposits, and growth in > value) > Or, perhaps in the interest of simplification, is the > requirement simply stated as a year by year mandatory > withdrawal, based only on current savings at the start of > the year and actualial considerations for the retiree? (As > I expect is the case.) this year, you still have to take the full minimum next year. Next year's minimum would most likely be slightly lower, due to the account balance having been diminished. Barry Picker, CPA/PFS, CFP << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
11-14-2003, 02:42 PM
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| Re: Mandatory minimum withdrawals: cumulative or year-by-year? AES/newspost wrote: - quote - > Let's say that the mandatory minimum withdrawals from my
No.> tax-deferred TIAA-CREF retirement savings (currently age 72) > will be, in round numbers, $50K this year and again next > year. For cash flow reasons, however, I'd like to withdraw > $70K this year. Can I then only withdraw $30K next year? - quote - > Or, perhaps in the interest of simplification, is the
Yes.> requirement simply stated as a year by year mandatory > withdrawal, based only on current savings at the start of > the year and actualial considerations for the retiree? (As > I expect is the case.) << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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11-14-2003, 02:23 PM
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| Re: Mandatory minimum withdrawals: cumulative or year-by-year? ES/newspost <siegman[at]stanford.edu> wrote: - quote - > Let's say that the mandatory minimum withdrawals from my
If you only withdraw $30K yo would be subject to the excess> tax-deferred TIAA-CREF retirement savings (currently age 72) > will be, in round numbers, $50K this year and again next > year. For cash flow reasons, however, I'd like to withdraw > $70K this year. Can I then only withdraw $30K next year? accumulation penalty. - quote - > In more general terms, is the IRS requirement only to meet
Yes. It is prior year-end balance divided by life> some cumulative withdrawal target by the end of each year? > (As might seem a reasonable policy objective, with the > cumulative target of course increasing each year considering > all previous withdrawals, recent deposits, and growth in > value) > Or, perhaps in the interest of simplification, is the > requirement simply stated as a year by year mandatory > withdrawal, based only on current savings at the start of > the year and actualial considerations for the retiree? (As > I expect is the case.) expectancy factor from the apprpriate table. Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
11-13-2003, 07:50 PM
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| Mandatory minimum withdrawals: cumulative or year-by-year? Let's say that the mandatory minimum withdrawals from my tax-deferred TIAA-CREF retirement savings (currently age 72) will be, in round numbers, $50K this year and again next year. For cash flow reasons, however, I'd like to withdraw $70K this year. Can I then only withdraw $30K next year? In more general terms, is the IRS requirement only to meet some cumulative withdrawal target by the end of each year? (As might seem a reasonable policy objective, with the cumulative target of course increasing each year considering all previous withdrawals, recent deposits, and growth in value) Or, perhaps in the interest of simplification, is the requirement simply stated as a year by year mandatory withdrawal, based only on current savings at the start of the year and actualial considerations for the retiree? (As I expect is the case.) << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| cumulative, mandatory, minimum, withdrawals, yearbyyear |
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