Blog

Category: RMD

Avoiding Costly Mistakes with Your IRA Distributions

Avoiding Costly Mistakes with Your IRA Distributions

Posted By Lineweaver Financial Group
February 21, 2018 Category: RMD, IRA, Distribution, Taxes

At age 70 you need to be aware of these rules.  If you have retirement accounts, the IRS has allowed you to have assets growing in those accounts without paying income taxes on the income or gains. At age 70 ½, the IRS wants to begin taxing those accounts by making you take money out, whether you want to or not. Required Minimum Distributions (RMDs) are one of those facts of life that many dread, and that make life even more confusing and complicated. Let’s try and reduce the confusion. For retirement account owners, the RMD rules apply to Traditional, SEP and SIMPLE IRAs, qualified plans like 401ks, 403(b)  and governmental 457(b) accounts. The RMD rules do not apply to Roth IRA owners, but they do apply to Roth IRA beneficiaries. If a non-spouse inherits a Roth IRA, they are required to take RMDs no matter what their age is, just like the non-spouse beneficiary of all retirement accounts. A word of caution: if you inherit an IRA from someone other than your spouse, you must begin taking RMDs the year after the death of the owner, not when you reach 70 ½. Penalty for non-compliance, 50% of the amount you should have withdrawn! Generally, your first RMD is due for the year you reach age 70.5. However, you need not start receiving distributions from your retirement account until your required beginning date (RBD). Generally, your RBD is April 1 of the year following the year you reach age 70.5. If you are still employed at age 70.5 and you parti

Categories
General (39)
Newsletter (33)
Economic Commentary (18)
Retirement (15)
Retirement Planning (14)
Letter From The President (14)
Financial Planning (11)
Tax (11)
Finance (10)
Healthwatch (10)
Educational (10)
Lineweaver (10)
Taxes (8)
Market Commentary (8)
Tax Planning (7)
Commentary (7)
Q3 (7)
Education Programs (6)
Economy (6)
Market (6)
IRA (4)
Estate Planning (4)
Social Security (4)
Bonds (4)
LFG (4)
Health (4)
Trump (3)
(3)
2017 (3)
Market Review (3)
Insurance (3)
Tax Law (3)
Portfolio (3)
Interest Rates (3)
Diversification (3)
Real Estate (2)
Volatile Market (2)
Charity (2)
Social Security Benefits (2)
Stocks (2)
Q2 Newsletter (2)
Financial (2)
Coordination (2)
Annuities (2)
Annuity (2)
Rising Interest Rates (2)
Tax Cuts And Jobs Act (2)
Investing (2)
2019 (2)
Strategies (2)
HealthWatch (2)
Economic Outlook (2)
Election (2)
2016 (2)
Tax Scams (2)
High Income (2)
Investments (2)
Financial Strategies (2)
Brexit Update (2)
Client Spotlight (2)
Fraud (2)
Market Update (2)
Wills (1)
Bloodline Trust (1)
Keeping Your Mind Sharp (1)
Congress (1)
Traditional Ira (1)
Legal (1)
Q2 2019 (1)
Chad Roope (1)
Trusts (1)
Sring Cleaning Your Finances (1)
Roth Ira (1)
Roth Conversion (1)
2018 (1)
Cooking (1)
David Baker (1)
Screens (1)
Financial Quarterback (1)
Quarterly Newsletter (1)
James Lineweaver (1)
Exercising (1)
Vacation Home (1)
Eye Strain (1)
Market Outlook (1)
Financial Goals (1)
Anne Graffice (1)
Jim Lineweaver (1)
Vacation From Investments (1)
New Years Resolutions (1)
Healthy (1)
Tips (1)
Q1 (1)
Marital Trust (1)
Pro Football Hall Of Fame (1)
Statements (1)
Charitable (1)
Sell In May And Go Away (1)
Your Retirement Playbook (1)
Stimulus (1)
Nutrition (1)
Steps (1)
Probiotics (1)
2020 (1)
2020Q3 (1)
Medicare (1)
Medicare Supplements (1)
2020Q4 (1)
CARES (1)
Markets Don\'t Pick Sides (1)
Sleep (1)
Healthy Living (1)
2021 Outlook (1)
Eductional (1)
News (1)
Awards (1)
Crain\'s (1)
CARES Act (1)
Black Swan (1)
Stock (1)
Checking (1)
Buy (1)
Sell (1)
Dementia (1)
Review (1)
Credit Unions (1)
Pse (1)
Big Banks (1)
Savings (1)
Banking (1)
Tax Strategies (1)
Longterm Care (1)
Healthcare (1)
Elder Law (1)
POA (1)
Power Of Attorney (1)
In Laws (1)
Donations (1)
End Of Year Taxes (1)
Inheritance (1)
Top Financial Strategies Of The Wealthy (1)
Q3 Newsletter (1)
Policy (1)
Legacy (1)
Retiring (1)
Self Employed (1)
Business Owners (1)
Annuity Alternatives (1)
Life Insurance (1)
Dividend (1)
Bonds Ladder (1)
Roth (1)
Retire (1)
Donor Advised Fund (1)
Private Foundation Charitable Lead Trust (1)
Charitable Remainder Trust (1)
Growing Your Wealth (1)
REITs (1)
Risk Management (1)
Protection (1)
North Korea (1)
Retire Early (1)
Q1 2017 Newsletter (1)
Lineweaver Wealth Advisors (1)
Gifting (1)
Retirement Tips (1)
Financial Advice (1)
Financial Advisor (1)
Social Security Planning (1)
Charitable Contributions (1)
Women And Money (1)
Service Day (1)
Harvest For Hunger (1)
Candidates (1)
Winter 2017 (1)
Politics (1)
Fall 2016 (1)
Financial Health (1)
Holiday Planning (1)
Stockpile (1)
Holiday Gifts (1)
1st Quarter (1)
2016 Market (1)
Conflict (1)
Mutual Funds (1)
Summer (1)
Bruce Motko (1)
Tariffs (1)
NAFTA (1)
Trading (1)
New Tax Law (1)
529 Plans (1)
Charitable Giving (1)
Q2 (1)
New Website (1)
Travel Tips (1)
RMD (1)
Travel (1)
Markets (1)
Drink Water (1)
Market Volatility (1)
Cryptocurrency (1)
Investment (1)
Bitcoin (1)
Advice (1)
Distribution (1)
Reallocation (1)
Expense (1)
Introducing (1)
Costs (1)
401(k) (1)
Equifax (1)
Mark Sipos (1)
2017 Q4 (1)
Identity Theft (1)
Third Quarter (1)
Tax Cuts And Job Act (1)
Kids (1)
Market Pullback (1)
Grand Kids (1)
Tax Cuts (1)
Jobs (1)
Lose Weight (1)
Eat More (1)
Market Review 2017 (1)
Letter From The President New Years Resolutions (1)
Transfer Real Estate (1)
Defer Tax (1)
Investment. Advisers (1)
+ Show More

Terms and Conditions | Privacy Policy | Disclosures

Lineweaver Financial Group ©
Powered by Virteom Logo Virteom