RmDs
If I give to my to adult children 1million dollars out of my 401/403 and fill out a 709 report can I avoid paying the RMD payments on that gifted money. There would remain a balance of $500,000.00 in the 401/403?
Terry Says
NO! It would be considered a withdrawal in the year you took the money out. It would raise your Medicare Part B and D premiums dramatically. It would lower your account balance the next year, and reduce your RMD in future years. But this is a horrible tradeoff. Please get some professional advice, which you really need: https://www.terrysavage.com/pam-krueger-wealthramp/
