Anyone who just inherited a deceased parent’s IRA or 401(k) could be about to commit a costly blunder. You can take the money from that retirement account in one big lump sum, no matter how young you are, but that will trigger a tax bill – probably a hefty one. It’s tempting to take the… Continue reading Greatest Wealth Transfer Could Be Costly Blunder For Beneficiaries And Windfall For IRS
Tag: RMD
Delaying RMDs from Your IRA: There’s Only One Way to Do It
When you reach age 70½, you must start taking required minimum distributions (RMDs) from your IRA, 401(k), SEP or other retirement account. The extra income may be nice, but there are drawbacks. If you don’t need the income, RMDs cause two problems: they erode the value of your retirement accounts and increase your taxable income.… Continue reading Delaying RMDs from Your IRA: There’s Only One Way to Do It
8 Things Boomers Must Know About RMDs From IRAs
According to the experts at Kiplinger, It’s a watershed year for the baby boom generation. In 2016, the first of the boomers — those born in the first half of 1946 — will reach age 70 1/2. The present from Uncle Sam is a demand that they begin withdrawing funds from their traditional individual retirement… Continue reading 8 Things Boomers Must Know About RMDs From IRAs