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?? Question of the Month: Do I have to take a Required Minimum Distribution if working? Q: If you have worked any part of the year that you turn 70 1/2, what are the requirements for taking Required Minimum Distributions (RMDs) for that year? A: If you have a traditional IRA, you must start taking RMDs at age 70 1/2 regardless of whether you continue to work or not. In the year you turn age 70 1/2, you can take your RMD by December 31 or defer it until April 1 of the following year. You must take every subsequent RMD by year-end. The good news for Roth IRA owners is that there are no RMDs. If you participate in a company-sponsored plan and you are not a 5% or greater owner of that company, the plan may not require you to take RMDs until you retire. If you retire at any point in 2011, you will have to take a distribution for 2011 from the plan assets.
THE EARLY BIRD GETS NEW BUSINESS!
GROUP DISCOUNTS AVAILABLE! CONTACT US AT 877-337-5688 FOR MORE INFORMATION When the 2-Year Deal is Not Really a 2-Year Deal
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