when to retire
My wife is employed and has a 401(k) with employer. She is over 71 1/2 (born b4 June 30, 1949.) Her work hours have been cut (I believe co. wants her to retire.) If she retires b4 end of calendar year (2023) and rolls over 401(k) to IRA, I assume that amount will be included for 2023 RMD. If she waits until 2024, that amount for RMD calculation will be tax year 2024. However, I noted there appears to be an exclusion if she retires after April 1 or next year (2024,) i.e. the calculation on the rollover would not occur until 2025? (I read and reread the tax code section on this and am still uncertain as to whether I am correctly interpreting the information) We just need to know if I am correctly understanding the April 1 exception, in order for her to determine a retirement date that is tax advantaged. thank you in advance
