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    • Kathleen Reynolds
      Post count: 428

      Required Minimum Distributions for owners 72 or older (for owners born on or before 6/30/1949 70½ and older) and inherited IRAs:

      Enter the value of all assets in the plan. The Minimum Distributions rules require that you enter the balance of the plan as of December 31 of the year preceding the First Year of Analysis.

      Pre-59½ Distributions:

      Rev. Rul. 2002-62

      (d) Account balance. The account balance that is used to determine payments must be determined in a reasonable manner based on the facts and circumstances. For example, for an IRA with daily valuations that made its first distribution on July 15, 2003, it would be reasonable to determine the yearly account balance when using the required minimum distribution method based on the value of the IRA from December 31, 2002 to July 15, 2003. For subsequent years, under the required minimum distribution method, it would be reasonable to use the value either on the December 31 of the prior year or on a date within a reasonable period before that year’s distribution.

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