In this episode of Ask the Hammer, a reader asks this question:
"I am 87 and we'll have to withdraw the balance of my RMD from my IRA by the end of the year and wonder if I'm allowed to take the RMD plus an additional amount as a direct transfer of securities to a taxable account. Can this be done more than once in the same year? How long must these securities be held? Is the cost a new cost as tax will have been paid on the proceeds? How is it reported on the tax return? I have been unable to find anything about this procedure in IRS publications 590-A or 590-B. Many thanks."
Jeffrey "The Buckinghammer" Levine of Buckingham Wealth Partners, met with Robert Powell, editor of Retirement Daily, to answer this multi-dimensional question.
Jeffrey and Bob talk about if you can take more than the minimum amount, moving distributions to a taxable account, the cost basis of moving shares in-kind, and the pros and cons of taking distributions in-kind.
Watch the full episode to find out the answers to this reader’s questions.