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RMD Overriding Special Withdrawals

Submitted by jeffwortman on 19 February 2012 - 10:06pm

In my situation I need to facilitate larger special withdrawals annually from my IRA funds up through age 75. I have specified a large withdrawal annually from age 62 through age 75. When I run the report the amount of the withdrawal changes at age 70 to a much lesser amount. After several runs, and a lot of head scratching it occurred to me that withdrawal for the RMD at age 70 was overriding my larger withdrawal amount. I double checked the RMD against the previous year's balance and the $$ amount is exactly the correct figure for an RMD. This hold for all years age 70 and later where a special withdrawal was specified that was larger than the RMD. I need help getting around this as this greatly affects standard of living calcs.

Should the RMD calculation be overriding a special withdrawal?

Thanks for the assist.
Jeff

‹ RMDs while still working Why are withdrawals the same every year? ›
Submitted by Lowell Williams on 20 February 2012 - 11:56am.
1

This is fixed in the upcoming release.

Submitted by james300@comcast.net on 21 February 2012 - 2:55pm.
2

Lowell, I've done what Jeff has and it works correctly in 2.19.88. The 2 differences with Jeff's case is:
1. Family is partnered not married
2. I'm over 70 when I used the special withdrawals.

As a test, I was able to enter values far in excess of my RMD from 2012 thru 2015 an they are correctly shown in the "Total Income" page for those years. The following years show equal withdrawals since 4 years of excessive distributions lowered my IRA year end balances to below what the required RMD.

Not sure that anything needs fixing?
Thanks
James Mavrogenis

Submitted by jeffwortman on 20 February 2012 - 9:25pm.
3

thanks. Is there a timeframe for the next release / update?

Submitted by Lowell Williams on 21 February 2012 - 4:32pm.
4

Release is in 2-3 weeks, depending upon testing progress

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