RMD Distributions
I am working part-time. I have an IRA with one online broker, a 401 K from a former employer with their custodian, and a 401 K with my present employer. I turn 74 this year. When I log into my accounts of the first two, it tells me the amount that I should take for the RMD. I took the RMD for last year and this year for the IRA.
1. Is it safe just to go with these amounts? I am concerned I will do that and then get penalized by the IRS if they determine the amounts are not correct.
2. How does the IRS know if I am taking the correct RMD amounts?
3. My current employer told me that I do not have to take an RMD since I am still working. They did not give me an amount. I was thinking if I delay this to future years, then I will have a larger RMD requirement since my life expectancy will be less. Can I start taking the RMD now and apply the withdrawal as an RMD?
Thank you.