SeniorSite.com For The Young At Heart And Healthstyle Smart  
Seniors,adult,mature,senior,boomers,mature,chat,chat room,seniors
Home Free Chat Find A Friend HealthStyle Health Finance Retirement Sex Singles Long Term Care About Us
SeniorSite.com - For The Young At Heart And HealthStyle Smart
SeniorSite.com - For The Young At Heart And HealthStyle Smart
SeniorSite.com - Seniors,adult,mature,senior,boomers,mature,chat,chat room,seniors
SeniorSite.com - Seniors Retirement Living Well In Retirement retirement planning estate planning
SeniorSite.com - Seniors Retirement Living Well In Retirement retirement planning estate planning
Retirement Planning:

Taking IRA Distributions

The IRS requires that you begin to take money from a regular IRA by April 1 of the year after you reach age 70-1/2. These mandatory withdrawals are called distributions.

The date on which you must take your first distribution is called your required beginning date. From this point on, the IRS requires you to take a minimum distribution (RMDs) at least once a year. (RMDs are also called MRDs.)

Except for the first year of an RMD (when you have until the following April 1), you must take yearly distributions by Dec. 31. This means you have two distributions in the calendar year of your required beginning date. Roth IRAs do not have RMDs.

Amounts for required minimum distributions are based on your IRA account balance and life expectancy. To calculate your RMD, divide your year-end IRA account balance (adjusted for certain contributions and distributions) by the applicable divisor in the appropriate table, found in the supplement to IRS Pub. 590.

For persons who are married with a spouse who is more than 10 years younger, Table II: Joint Life and Last Survivor Expectancy is used to calculate the period over which you divide your IRA balance. For example, the distribution period that intersects your current age of 75 and your spouse's current age of 62 is 25.0. If your ending IRA balance is $238,000, your required distribution is $9,520. Table II is also found in the supplement to IRS Pub. 590.

Now that you're taking distributions from a regular IRA, you will owe income taxes in the year that you receive the distribution. If the entire amount of the distribution is attributed to a tax-deductible contribution, you owe taxes on both the contribution and earnings portion of the distribution.

If the distribution is attributed to a nondeductible contribution, you don't owe taxes on the amount that is attributed to a nondeductible contribution. This is because the nondeductible portion was an after-tax contribution to the account.

The above information is educational and should not be interpreted as financial advice. For advice that is specific to your circumstances, you should consult a financial or tax adviser.

Struggling with debt

Chat and meet new friends at Senior Site Chat

Senior,Seniors,Senior Citizen,Seniors,Seniors HealthStyle - Mature Healthy Living Lifestyle - SeniorSite.com, boomer,Retirement,Health Care,Long Term Care,Extended Care,Retirement,Nursing Homes,Entertainment site for seniors - 55 years old and over that are still young at heart!

Let us help you get out of debt

Senior,Seniors,Senior Citizen,Seniors,chat,chat room,Over 50 Chat,Over 60 Chat,chat rooms,senior chat,Chit Chat,Chatters Senior,Chat,Singles,Friends,Health Care,Mature,Seniors Health,Seniors Chat,Senior Sex Issues, boomer,Retirement,Health Care,Long Term Care,Extended Care,Retirement,Nursing Homes,Entertainment site for seniors - 55 years old and over that are still young at heart!

Senior,Seniors,Senior Citizen,Seniors,chat,chat room,Over 50 Chat,Over 60 Chat,chat rooms,senior chat,Chit Chat,Chatters Senior,Chat,Singles,Friends,Health Care,Mature,Seniors Health,Seniors Chat,Senior Sex Issues, boomer,Retirement,Health Care,Long Term Care,Extended Care,Retirement,Nursing Homes,Entertainment site for seniors - 55 years old and over that are still young at heart!
SeniorSite.com - For The Young At Heart And HealthStyle Smart

SeniorSite.com - For The Young At Heart And HealthStyle Smart
To submit Editorial Content, Book Reviews, News and Press Releases send to
SeniorSite.com - For The Young At Heart And HealthStyle Smart

 

Seniors,adult,mature,senior,boomers,mature,chat,chat room,seniors
SeniorSite.com - For The Young At Heart And HealthStyle Smart

 Copyright © 1998 -  2017  SeniorSite.com™, Inc.   All rights reserved.  Copyright Info | Advertisement Info | Contact Info | Terms Of Use | Privacy Policy | Sitemap  | Sitemap Links

   SeniorSite™, SeniorSite.com™, For The Young At Heart™ and HealthStyle™ are trademarks and service marks of SeniorSite.com™, Inc.

 

 

 

 

 

 

 seniors links Jewelry Discount Coupons Personalized Jewelry Discounts Dr Jodee Meddy Dubois PA Jodee Meddy Dubois PA Meddy Dubois PA Dubois PA Dubois Diva Jo Diva jodiva Jodee Meddy Dr Jodee Meddy Jodee Graifman Meddy Jodee Graifman