I am withdrawing money from my IRA Jan through March. I will turn 70 in April. I need the money now, maybe some later but not sure.
Your first year of required minimum distributions is the year in which you turn 70.5. If your birthday is in April then you turn 70.5 sometime in October. Thus, the withdrawals you make anytime in 2017 should count towards your required minimum distribution.
To get an idea of what this requirement will be, take the end of the year balance of all IRAs/401(k)s/etc from a couple weeks ago and divide it by 27.4. Here is a link to an IRS worksheet to help you with this.
Adam C. Harding, CFP
Disclosure: For informational purposes only. Not to be considered investment, tax, or legal advice. My responses on Nerdwallet are for educational purposes only and action should not be taken until a thorough analysis has been done by me or your financial advisor. Investing involves risk of loss and diversification does not ensure protection against risk of loss.
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