IRA mandatory withdrawl
I am 70. Two years ago I took $15000 from my IRA. I paid tax on the withdrawal and showed it on my Federal tax return.
Do I still have to make a mandatory withdrawal when I’m 72?
Thanks from a loyal fan in Chicagoland
Terry Says
You must make a mandatory withdrawal in the year you reach age 73. The amount will be based on the year-end balance in your IRA (or all IRAs combined) at the end of the previous year. Be sure to keep those year-end statements if you have more than one IRA. If just the one, your custodian will calculate the amount that must be withdrawn. You can always take out more — paying taxes as ordinary income, And previous withdrawals do not count toward your RMD at age 73.
