Category: Distribution
Avoiding Costly Mistakes with Your IRA Distributions
At age 70 you need to be aware of these rules. If you have retirement accounts, the IRS has allowed you to have assets growing in those accounts without paying income taxes on the income or gains. At age 70 ½, the IRS wants to begin taxing those accounts by making you take money out, whether you want to or not. Required Minimum Distributions (RMDs) are one of those facts of life that many dread, and that make life even more confusing and complicated. Let’s try and reduce the confusion. For retirement account owners, the RMD rules apply to Traditional, SEP and SIMPLE IRAs, qualified plans like 401ks, 403(b) and governmental 457(b) accounts. The RMD rules do not apply to Roth IRA owners, but they do apply to Roth IRA beneficiaries. If a non-spouse inherits a Roth IRA, they are required to take RMDs no matter what their age is, just like the non-spouse beneficiary of all retirement accounts. A word of caution: if you inherit an IRA from someone other than your spouse, you must begin taking RMDs the year after the death of the owner, not when you reach 70 ½. Penalty for non-compliance, 50% of the amount you should have withdrawn! Generally, your first RMD is due for the year you reach age 70.5. However, you need not start receiving distributions from your retirement account until your required beginning date (RBD). Generally, your RBD is April 1 of the year following the year you reach age 70.5. If you are still employed at age 70.5 and you parti
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