Government

Don’t forget your Required Minimum Distribution (RMD)

IT’S THAT TIME of the year. We seasoned citizens must take our required minimum distributions (RMDs) from our retirement accounts, like it or not, needed or not. Uncle Sam forces us to take these taxable withdrawals, so he can get his share.It’s a fairly simple process to figure out how much needs to be withdrawn. Determine the total value of your qualified retirement accounts, such as your 401(k) and traditional IRA, as of the previous Dec. 31. Get your hands on the right IRS chart. Look up the required percentage to be distributed based on your age. And there you have it.

But sometimes it’s not that easy. Take a look at my experience on HumbleDollar.com

Source: Required Irritation – HumbleDollar

Confused about the RMD rules? Here is a good summary.

Advertisements

1 reply »

What's your opinion on this post? Readers would like your point of view.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s