RMD's are Back!

Posted by Creekmur Staff on 9:00 AM on June 1, 2021

Required Minimum Distributions are on for 2021, but some of the rules have changed. Here's what you need to know now.


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Topics: Taxes and retirees, taxes

Are you planning for Taxes in Retirement?

Posted by Creekmur Wealth Advisors on 9:00 AM on April 1, 2021

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Topics: Taxes and retirees

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 You will not only owe income taxes on the amount not withdrawn, you will owe 50% more.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.

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

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