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I am 73 years old and working full-time. Can I participate in my employers 401(K) plan? Can I take a one time withdrawal from the combined value of my IRA and current 401(K) or am I required to take a separate withdrawal from the IRA and separate withdrawal from my 401(K).
ANSWER
The BIDaWIZ Team's Answer:
First, you can continue to contribute to a 401(K) even if you are receiving RMDs. Second, RMDs are determined separately for each of your retirement plans and are required per individual.
References: IRC Section 401(9)(a)
State: California
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