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The tax code and regulations have detailed and specific rules concerning who must take required minimum distributions (RMDs), when they must be taken, and how they are calculated. But there is no guidance about what a retirement plan owner or beneficiary can do with the RMD. So let’s clear up some of the confusion. First […]
Required minimum distributions (RMDs) from IRAs weren’t simplified or changed in the new tax law. Taxpayers ages 70½ and older still have to take these distributions from traditional IRAs and other qualified retirement plans, 401(k)s included, whether they need the money or not. The good news is we still have strategies to simplify RMDs and […]
One of the stiffest penalties in the tax code is the one for not taking the correct required minimum distribution (RMD) from an IRA or other qualified retirement plan. You pay a whopping 50% of the amount that was supposed to be distributed but wasn’t. This penalty is in addition to paying income taxes on […]
Last week, I shared 4 ways to trim taxes, and maximize required minimum distribution (RMD) benefits. This week, let’s continue the discussion, with 5 more strategies to consider, starting with.. Timing distributions. The tax law says the IRA must distribute at least the RMD by the close of business on Dec. 31. Other than […]
Every retiree wants to trim taxes, and maximize benefits. But very few know how to approach this the right way. Today, I’ll share how you can maximize your benefits from Required Minimum Distributions (RMDs), and reduce your tax bill. Required minimum distributions from IRAs weren’t simplified or changed in the new tax law. Taxpayers ages […]
Many people believe the Tax Cuts and Jobs Act will reduce charitable giving, because it reduces the tax incentives for giving […]
IRAs aren’t the simple vehicles they seemed when they were new. What’s more, Baby Boomers have reached the stages of life when the rules are more complicated and full of pitfalls. Here’s a guide to the top questions my readers are asking about IRAs, and mistakes many are making. Required minimum distribution mistake #1. Most […]
The IRS likes to catch people who made mistakes with the required minimum distributions (RMDs) from their retirement plans. It’s no wonder. The penalty is a steep 50% of any amount that was supposed to be distributed but wasn’t. Owners of traditional IRAs and other qualified retirement accounts must begin minimum annual distributions after age […]
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