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Submitted By: Diana
Answered: June 1, 2015 3:09 pm
Answered: June 1, 2015 3:09 pm
My husband has four IRAs; I have one. We both turn 70-1/2 this year. Can we lump all of our IRAs together to figure required minimum distributions?
Your husband can total all of his IRAs and then take his annual distributions from any one or more of the accounts; you must figure your RMD separately and take it solely from your IRA.
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Tax Glossary
Tax deferral
Shifting income to a later year, such as where you defer taxable interest to the following year by purchasing a T-bill or savings certificate maturing after the end of the current year. Investments in qualified retirement plans provide tax deferral.
