My wife reached age 70-1/2 in 2017 and has (as I understand it) until
April 1, 2018 to take her first required minimum distribution from her simplified employee pension plan and her IRAs. she has not taken
those yet but will be doing it this month. Later in the year, before December 31, she and I will take our RMDs for 2018.
I presume that the RMDs for 2017 taken in 2018 are considered to be
2018 income, not 2017. Is that correct? I'm working on our taxes for
2017 and don't want to miss including them if I'm wrong.
Thanks.
Alan
On 3/4/18 6:10 PM, Alan Meyer wrote:
My wife reached age 70-1/2 in 2017 and has (as I understand it) until
April 1, 2018 to take her first required minimum distribution from her
simplified employee pension plan and her IRAs. she has not taken
those yet but will be doing it this month. Later in the year, before
December 31, she and I will take our RMDs for 2018.
I presume that the RMDs for 2017 taken in 2018 are considered to be
2018 income, not 2017. Is that correct? I'm working on our taxes for
2017 and don't want to miss including them if I'm wrong.
Thanks.
Alan
You are correct.
That is one of the drawbacks of waiting until April of the following
year for 1st RMD. You are going to be taxed on 2 RMDs that year. And it
only works the 1st year. The 2nd and later RMDs must be done by Dec 31
of the tax year. (And should be done way earlier).
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