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Wife 70 !/2 this yr has IRA and has dist. of $32,000 in past years. Does she need to withdraw portion at 70 !/2

Olathe, KS |

This is the only IRA she has and it has been transferred to different companies over the years-she didnt withdraw and money last year but has wthdrawn a total of $32000 over the last 8 years. We know the amount she must withdraw but dont know whether it is necessary since has withdrawn over 32K in the past.

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Attorney answers 1


Yes - she will need to withdraw a minimum required distribution amount every year (even though she withdrew money in the past) . This year's amount must be distributed by April of next year.