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Old 11-21-2014, 06:26 PM
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Rmd

AGE 73 WORKING FULL TIME

CAN I MAKE CONTRIBUTIONS TO MY EMPLOYERS EMPLOYEE 401K PLAN?

AM I REQUIRED TO MAKE RMD FROM MY EMPLOYERS EMPLOYEE 401K PLAN BEFORE I RETIRE?

IF I AM PART OF 457b PLAN AND HAVE AN IRA AM I REQUIRED TO WITHDRAW PER THE RMD REQUIREMENT FROM EACH FUND SEPARATELY OR CAN I CHOOSE TO DETERMINE THE VALUATION OF BOTH FUNDS AND WITHDRAW THE TOTAL RMD REQUIREMENT FROM JUST ONE FUND?

THANK YOU



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Old 11-22-2014, 02:29 AM
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Join Date: Oct 2010
Posts: 5,236
CAN I MAKE CONTRIBUTIONS TO MY EMPLOYERS EMPLOYEE 401K PLAN?==>>>YES; There is no age limit. As long as you are still employed by the employer sponsoring the 401(k) plan.



AM I REQUIRED TO MAKE RMD FROM MY EMPLOYERS EMPLOYEE 401K PLAN BEFORE I RETIRE?===>>>it depends; you must take rmd from your traditional IRA after reaching age 70½, regardless of your work status. But you can delay tapping your 401(k) until after you stop working.




IF I AM PART OF 457b PLAN AND HAVE AN IRA AM I REQUIRED TO WITHDRAW PER THE RMD REQUIREMENT FROM EACH FUND SEPARATELY =========>>>>>I think so ;You are required to withdraw at least a minimum amount from your 457 plan every year after reaching age 70½ or separate from service, whichever is later; the IRS requires that you begin taking distributions no later than April 1 following the
calendar year in which you will reach age 70½. you also must take rmd from your traditional IRA after reaching age 70½, regardless of your work status.


OR CAN I CHOOSE TO DETERMINE THE VALUATION OF BOTH FUNDS AND WITHDRAW THE TOTAL RMD REQUIREMENT FROM JUST ONE FUND?===>>>>>> You may not combine the RMD amount for different types of retirement plans. For instance, an RMD amount for a 457(b) account may not be withdrawn from an IRA or vice versa, and the RMD for a 457(b) account may not be withdrawn from a qualified plan. However,aslongas you have multiple retirement accounts, you are allowed to combine and withdraw the multiple RMDs from one retirement account; however, only RMDs from certain types of retirement plans can be combined. The following combinations are permitted:If you have multiple Traditional IRAs, you may calculate each IRA's RMD, combine these RMDs, and withdraw the total amount from one Traditional IRA.



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