fmdog44
Well-known Member
- Location
- Houston, Texas
Today I closed out my SEP IRA with Merill Lynch and did not have them take out any tax. So what about the RMD rule for 2019? Does this have any place in this account now that I closed it out?
Closed My SEP IRA But I Have A Question on The RMD Rule
- Thread starter fmdog44
- Start date
mathjak107
Well-known Member
- Location
- bayside ,queens , ny
where is the money you closed out ?
fmdog44
Well-known Member
- Location
- Houston, Texas
Redeemed and moved to a CD from another bank.
mathjak107
Well-known Member
- Location
- bayside ,queens , ny
i would think that is fine .. i am not up to rmd's yet so i don't know everything but as long as the dollars meet the amount it should be okay as far as i can see
...and: Your age?
You can take distributions from your IRA (including your SEP-IRA or SIMPLE-IRA) at any time. There is no need to show a hardship to take a distribution. However, your distribution will be includible in your taxable income and it may be subject to a 10% additional tax if you're under age 59 1/2
N.B. - I didn't think that "includible" was a real word...<g>... My guess would have been that it was a type of the octopus species.
You can take distributions from your IRA (including your SEP-IRA or SIMPLE-IRA) at any time. There is no need to show a hardship to take a distribution. However, your distribution will be includible in your taxable income and it may be subject to a 10% additional tax if you're under age 59 1/2
N.B. - I didn't think that "includible" was a real word...<g>... My guess would have been that it was a type of the octopus species.
mathjak107
Well-known Member
- Location
- bayside ,queens , ny
rmd's apply to 70-1/2 so i would assume that is why they are asking about rmd's
fmdog44
Well-known Member
- Location
- Houston, Texas
Went on irs.gov and I'm in the clear so I an have 60 days to roll it over in to another ira acct. but I do't think I will. I'll pay the tax and move on.