I'm 70.5 and still working for my own company. Can I defer starting my required minimum distributions?
- If the employer is a corporation, any person who owns more than 5% of the outstanding stock of the corporation, or
- If the employer is not a corporation (unincorporated), any person who owns more than 5% of the capital or profits interest in the employer.
If you fall into either of the two categories, you are a 5% owner and should begin your RMD by April 1 of the year following the year you reach age 70.5.
To read more, check out Avoiding RMD Pitfalls.
Question answered by Denise Appleby, CISP, CRC, CRPS, CRSP, APA