RMD method
Hi Terry, my question concerning this method of withdrawing from a traditional IRA account seems like a common possibility but I could not find the simple answer anywhere. What if you have your IRA and a money market account or checking account at the same bank ; is it ok and/or legal to simply transfer the correct amount on a monthly or annual basis to the checking account ? Seems like a very convenient thing to do and keep your money at the same place. Your thoughts please.
Terry Says
Yes, that’s a fine thing to do. They bank will keep track of the withdrawals and even withhold 20% for taxes. BUT remember you are NOT REQUIRED TO MAKE AN RMD this year!!
