MRD
During the year that I turn 70 1/2, does any withdrawal from an IRA count toward the MRD, or do I have to specify withdrawals as part of the MRD? Thanks, LB
Terry Says
All of your withdrawals will count toward your RMD, but you must specify the amount withdrawn on your tax return that year. You, of course, may withdraw more than required in any year at any time. But you'll pay taxes on all those withdrawals as ordinary income on top of your other income for the year.
