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106 Things We Do For Clients, No. 21

No. 21 of 106 Things We Do For Clients

Help you determine your IRA Required Minimum Distributions.¬†Figuring out your RMD’s can seem like an easy, straightforward calculation until you start cozying up with all the regulations and options. Not all RMD’s must be taken by December 31, the factor used in the calculation changes every year, IRA owners whose spouse is more than 10 years younger must us a different factor, 401(k) RMD’s have different rules, you don’t have to take cash, you may not owe any tax on an RMD but the IRS leaves you to know how to apply the rule, withholding taxes is voluntary, you can’t roll over an RMD, and the penalty for messing any of this up is equal to 50% of the amount you failed to withdraw.

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