required minimum distribution

Year of Death Required Minimum Distributions

Required minimum distributions (RMDs) start at age 70 ½ for all traditional IRA owners, including those who have SEP and SIMPLE IRAs set up through their employers - even if they are still working for those employers at the time.

I’m Still Working; What’s My RMD?

I get this question frequently. Many of us are looking at working beyond the age of 70 ½. What required distributions (RMDs) do you have to take if you continue working?

Required Minimum Distributions and Roth Conversions

If you are doing a Roth conversion this year and you are age 70 ½ or older, the RMD must be taken before you do the conversion. The conversion is considered a distribution and RMD funds are considered to be the first funds distributed from the account. RMDs cannot be moved into the Roth IRA.

Required Minimum Distributions and Age 70 1/2

Required minimum distributions (RMDs) begin in the year you turn 70 ½. Not age 70 and not age 71 but age 70 ½. So who is age 70 ½ in 2010? If you were born from July 1, 1939 up through June 30, 1940 you will be 70 ½ this year. How do you know what age to use for calculating your RMD?

QCDs (Qualified Charitable Distributions) in 2009

The qualified charitable distribution was first effective in 2005 and expired as of 12/31/2007. It has been extended for 2008 and 2009. Originally, it was a way for an IRA owner to take all or part of his or her required minimum distribution (RMD) as a distribution payable to a qualifying charity.

Paying Taxes on a 2010 Roth Conversion

2010 is coming up fast with its new Roth conversion rules. In 2010 anyone can do a Roth conversion. The income and marital restrictions are permanently removed. In addition, the government is going to give you a deal on paying the taxes due on any conversions you do in 2010.

Content Citation Guidelines

Below is the required verbiage that must be added to any re-branded piece from Ed Slott and Company, LLC or IRA Help, LLC. The verbiage must be used any time you take text from a piece and put it onto your own letterhead, within your newsletter, on your website, etc. Verbiage varies based on where you’re taking the content from.

Please be advised that prior to distributing re-branded content, you must send a proof to [email protected] for approval.

For white papers/other outflow pieces:

Copyright © [year of publication], [Ed Slott and Company, LLC or IRA Help, LLC – depending on what it says on the original piece] Reprinted with permission [Ed Slott and Company, LLC or IRA Help, LLC – depending on what it says on the original piece] takes no responsibility for the current accuracy of this information.

For charts:

Copyright © [year of publication], Ed Slott and Company, LLC Reprinted with permission Ed Slott and Company, LLC takes no responsibility for the current accuracy of this information.

For Slott Report articles:

Copyright © [year of article], Ed Slott and Company, LLC Reprinted from The Slott Report, [insert date of article], with permission. [Insert article URL] Ed Slott and Company, LLC takes no responsibility for the current accuracy of this article.

Please contact Matt Smith at [email protected] or (516) 536-8282 with any questions.