This is the time of year to start planning for RMDs unless you are taking them automatically. If you haven’t taken an RMD in 2025 and don’t need funds to cover living expenses, you may want to wait until December. That’s because if your RMD covers your entire tax bill, you can avoid quarterly estimated […]
Continue reading…IRS PROPOSES UPDATED LIFE EXPECTANCY TABLES FOR 2021
This November, the IRS issued proposed regulations changing the life expectancy tables and distribution period tables for computing the required minimum distribution (RMD). This information is used for owners of retirement accounts and their beneficiaries for inherited accounts, to calculate their withdrawals. Keep in mind, under the SECURE Act, beginning in 2020, the starting age for IRA distributions […]
Continue reading…After Death, A Final Retirement Account Distribution Must Be Made
Federal law requires that beginning on April 1 of the year after you reach age 70 1/2, you must begin withdrawing a minimum amount from your non-Roth individual retirement account (IRA) or 401(k) accounts. These withdrawals are called required minimum distributions (RMDs). But what if you die after age 70 1/2 and before all the […]
Continue reading…Extra Caution if There’s an Annuity in Your Traditional IRA
If your IRA holds an annuity, you might have to include its value when figuring your required minimum distribution. Annuities are complex products. Working with IRA RMDs (Required Minimum Distributions) isn’t always easy. Combine the two, notes an article in Kiplinger, “RMD Tips: When Your IRA Holds an Annuity,” and the result can be real confusion. Here […]
Continue reading…