Forbes has published an article, “Little-Known Rules And Strategies For Required Minimum Distributions From IRAs,” which discusses what kinds of distribution and withdrawal methods are available for you when it comes to the required minimum distributions from your IRAs. The article begins as follows:
Required minimum distributions (RMDs) from IRAs and other qualified retirement plans are more complicated than they need to be. There are a number of little-known rules that can be helpful to taxpayers or trap them into paying higher taxes or penalties…
The basic rule for RMDs is that the owner (known as a participant) of a traditional IRA, 401(k), or other defined contribution retirement plan must begin RMDs by April 1 of the year after turning 72. But if you turn 70½ before 2019, your first RMD must be taken by April 1 of the year after you turn 70½. After the year you turn 72 (or 70½ for those who turned 70½ before 2020) distributions equal to the RMD must be taken by December 31 of each calendar year.
To view the full article, click here: “Little-Known Rules And Strategies For Required Minimum Distributions From IRAs”
Posted by Elise Kim, Managing Associate Editor, Wealth Strategies Journal.