Q.: I'm retired and about to take my first Required Minimum Distribution (RMD). I have a few retirement accounts. I plan to calculate the RMD for each one and then withdraw the total amount from one of the accounts. Is this permissible? P.S.
A.: Yes, so long as your accounts are of the same type (all 403(b), all 457(b), all 401(k), all IRA). Example: Let's say your IRA RMD is $13,000 and your 457(b) RMD is $22,000. You may not withdraw the total of $35,000 from one of the two accounts. You must, separately, take $13,000 from your IRA and $22,000 from your 457(b). On the other hand, let's assume you have three IRAs. You can total-up the RMDs for each one and then withdraw the total amount from one of the three. Caution: If you botch this up, there is no corrective measure. You will wind up with more taxable income than you bargained for. Need help? Contact me.
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