Required Minimum Distribution (RMD) Tax Tips

[OneEyedDiva]

How much is your 2019 RMD? What if you inherited an IRA? How can you avoid paying taxes on the distribution? This article answers those questions. The article is broken up by pictures so just keep scrolling. My traditional IRA is held in only one brokerage which notifies me of what my RMD is for each year.
https://www.cnbc.com/amp/2019/11/29...-distributions-easy-and-tax-penalty-free.html

 

[mathjak107]

my wife starts hers next year . we can put the rmd's on auto pilot and then forget about it .

 

[ronaldj]

I am two years away but that was helpful, things will most likely change in two years.

 

[OneEyedDiva]

I am two years away but that was helpful, things will most likely change in two years.

Glad you found it helpful Ronald. You're right, rules can change so I check annually and told my heirs to check the new laws regarding inherited IRAs after I "kick it".

 

[oldmontana]

https://www.investor.gov/additional...ools/required-minimum-distribution-calculator
That is what we have used. I then make sure I have that amount to make RMD in January. With the prices of our stocks high it was good time to do so and have done so last week.

 

[Creek Pirate]

Your RMDs Will Start age Age 72, not 70 ½
Staring Jan. 1, 2020, the new bill pushes the age at which you need to start withdrawing money from your traditional retirement accounts to age 72 from age 70

https://401kspecialistmag.com/rmd-age-jumps-to-72-in-2020-after-secure-act/

 

[street]

^ exactly. I was going to post that info but you beat me to it. Thanks

 

[OneEyedDiva]

Your RMDs Will Start age Age 72, not 70 ½
Staring Jan. 1, 2020, the new bill pushes the age at which you need to start withdrawing money from your traditional retirement accounts to age 72 from age 70

https://401kspecialistmag.com/rmd-age-jumps-to-72-in-2020-after-secure-act/

^ exactly. I was going to post that info but you beat me to it. Thanks

But remember this criteria for that change:
"Acknowledging that Americans are living and working longer, the SECURE Act increases the RMD age from 70½ to 72, applicable to distributions made after Dec. 31, 2019, for individuals who reach 70½ from Jan. 1, 2020 on."

 

[fmdog44]

I take one of my RMDs in December of each year and one in March..

 

[Knight]

Fidelity figures ours so we have no worries. With traditional IRA's & Self directed IRA's we chose to have ours set for each Tuesday of the month. A distribution going in each week works for us.

 

[OneEyedDiva]

I take one of my RMDs in December of each year and one in March..

my wife starts hers next year . we can put the rmd's on auto pilot and then forget about it .

FM: for some reason, I started taking mine in August and have continued to do so. MJ: I wish I could just do auto pilot too but have mine sent directly to St. Jude so I have to fill out a special form.