That First RMD from Your IRA

Posted by Creekmur Staff on 12:30 PM on October 22, 2019

What you need to know.

When you reach age 70½, the Internal Revenue Service instructs you to start making withdrawals from your traditional IRA(s).These withdrawals are also called Required Minimum Distributions (RMDs). You will make them, annually, from now on.1

If you fail to take your annual RMD or take out less than the required amount, the I.R.S. will notice. You will not only owe income taxes on the amount not withdrawn, you will owe 50% more. (The 50% penalty can be waived if you can show the I.R.S. that the shortfall resulted from a “reasonable error” instead of negligence.)1

Many IRA owners have questions about the rules related to their initial RMDs, so let’s answer a few.

Read More

Topics: Wealth Management, Roth IRA, Taxes and retirees, taxes

Tax Considerations for Retirees

Posted by Creekmur Wealth Advisors on 8:00 AM on November 27, 2018

 

Are you aware of them?

The federal government offers some major tax breaks for older Americans. Some of these perks deserve more publicity than they receive.

Read More

Topics: charitable IRA gift, Credit for Elderly or Disabled, Retirement, taxes

Subscribe Here!

Recent Posts

Posts by Tag

See all