November 26, 2024
Can You Take RMD (Required Minimum Distribution From) Your Spouse’s Account?
Can you take RMD (Required Minimum Distribution from) your Spouse’s account?
In this episode, Chris Berry answers the question: Can you take your RMD from your spouse’s account? I know that you can take RMD’s from one of your accounts to cover all your other accounts that require a withdrawal.
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Episode Transcript:
Can you take RMD’s requirement distributions for your spouse’s account? Welcome to Berry’s Bites, please join our host attorney and financial advisor Chris Berry.
Let’s say we have husband and we have wife and let’s say there’s a million IRA money here and let’s say 1.5 million in the whites and you’re both over 72, and let’s I’m just making up numbers but let’s say the RMD together is 60 000. So we have to take sixty thousand between the two of you out of the RMDs and I’m screwing up the math because I’m doing this on the fly but let’s say 35 000 of it would be having to come from the wife.
So the question is okay, if we know together we have to get to a RMD of 60 000 could I take the full 60 let us say from the husband, and allow the wifes to continue to grow. Unfortunately, the answer to this is no you can’t do that. You have to look at your individual ira amounts and calculate the RMDs separately now question I know that you can take RMDs from one of the accounts, yeah so you might have multiple IRAs so let’s say the husband has a couple of different IRAs.
If you wanted to you could take all of that 25 000 from one ira and you could allow the other ones to grow that’s why a lot of times in our IRAs we’ll have kind of two buckets of money because we know that we have to pull money out we might have one bucket that’s more kind of safety-focused and then another portion of it that’s more growth-focused if it’s a down market then we pull from the safe side if it’s an upmarket we pull from the growth side there’s a way to satisfy those RMDs so you can take it from different accounts but if we’re married your spouse has their RMD you have your own RMD so the answer to this is no. Thank you.