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Required Minimum Distributions

Found 16 Articles.
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What You Can and Can’t Do with RMDs

May 2, 2021

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 […]

9 Ways to Trim Taxes and Maximize Benefits from RMDs

June 9, 2020

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 […]

How to Have The Penalty For RMD Mistakes Waived

March 15, 2019

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 […]

How to Trim Taxes and Maximize Benefits from RMDs

January 2, 2019

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 […]

IRAs

9 Required Minimum Distribution (RMD) Strategies Every Retiree Should Know

December 27, 2018

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 […]

Reaping the Multiple Benefits of the IRA, Charitable Giving Combo

February 16, 2018

Many people believe the Tax Cuts and Jobs Act will reduce charitable giving, because it reduces the tax incentives for giving […]

6-misunderstood-ira-rules-and-strategies

6 Misunderstood IRA Rules and Strategies

January 12, 2018

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 […]

Waiving the Penalty for RMD Mistakes

June 22, 2017

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 […]

August 2022:
Congress Comes for your Retirement Money
A devastating new law has just been enacted, with serious consequences for anyone holding an IRA, pension, or 401(k). Fortunately, there are still steps you can take to sidestep Congress, starting with this ONE SIMPLE MOVE.
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