Rolling over a 401(k) account after starting a new job — at age 73 [Los Angeles Times (CA)]
WOLTERS KLUWER S/ADR (WTKWY)
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Source: Los Angeles Times
She plans to roll the 401(k) from the previous company into the 401(k) of the new company. Would she need to withdraw her required minimum distribution from the old 401(k), even though the money would be in the 401(k) of her current employer? Answer : The answer to this question gets a little tricky, says Mark Luscombe, principal analyst for Wolters Kluwer Tax & Accounting. If she had changed jobs last year, the year before she turned 73, she could have rolled her old 401(k) account into her new employer's plan and postponed the need to take a required minimum distribution as long as she continued to work for the new employer. However, since she turned 73 this year and is no longer working for her old employer, she must take an RMD from the old 401(k) plan. RMDs can't be rolled over from one 401(k) to another, so she's required to take her RMD from the old account before moving the rest of the money to the new plan, Luscombe says. RMDs typically must be taken by Dec. 31. A fir
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