Solo 401k RMD (required minimum distribution)
Minimum distribution. When the account balance of a Solo 401k participant is to be distributed for RMD purposes, the Solo 401k Plan administrator with the Solo 401k provider assistance must figure the minimum amount required to be distributed each distribution calendar year. This minimum is calculated by dividing the account balance by the applicable life expectancy tables found in Appendix C of Publication 590 for this purpose. You can also refer to Publication 575-Tax on Excess Accumulation.
Required beginning date. Generally, each Solo 401k participant must receive his or her entire benefits in the Solo 401k Plan or begin to receive periodic distribution of benefits from the Solo 401k Plan by the required beginning date.
A Solo 401k participant must begin to receive distributions from his or her Solo 401k Plan by April 1 of the first year after the later of the following years.
1. Calendar year in which he or she reaches age 70 1/2.
2. Calendar year in which he or she retires from employment with the employer maintaining the plan.
Required beginning date. Generally, each Solo 401k participant must receive his or her entire benefits in the Solo 401k Plan or begin to receive periodic distribution of benefits from the Solo 401k Plan by the required beginning date.
A Solo 401k participant must begin to receive distributions from his or her Solo 401k Plan by April 1 of the first year after the later of the following years.
1. Calendar year in which he or she reaches age 70 1/2.
2. Calendar year in which he or she retires from employment with the employer maintaining the plan.