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Last October, I wrote about some of the changes possibly in store for individuals and their income taxes as 2021 approached. Now, a year later, we have a little bit better idea of what MIGHT be in store, but Congress has not yet submitted a bill for...
Last October, I wrote about some of the changes possibly in store for individuals and their income taxes as 2021 approached. Now, a year later, we have a little bit better idea of what MIGHT be in store, but Congress has not yet submitted a bill for...
Do I make estimated tax payments on IRA payout? Today 9:30 PM Q. I will be turning 72 this year and understand that I should take a Required Minimum Distribution (RMD) this year. If I delay the RMD until December, am I required to make quarterly federal estimated tax payments throughout the year or can I direct the financial institution to deduct income tax in December? — Trying to do it right A. Happy early birthday! Required Minimum Distributions (RMDs) must begin by April 1 following the year a taxpayer turns 72. So in your situation, you would not be required to receive your first RMD ...
After rules changes, how will my IRA distribution work this year? Updated 9:30 PM; Q. I turned 71 in October 2020. I have not yet taken a Required Minimum Distribution (RMD) from my IRA accounts because of last year’s changes from COVID-19. So for this year, what age do I use on the IRS worksheet to determine my RMD? Must I take it by April 1, and do I only have to take one this year? — Retired A. These are great questions. Required Minimum Distributions (RMDS) have changed significantly in the past few years, and the elimination of the RMD in 2020 because of COVID just adds to the confu...
To embed, copy and paste the code into your website or blog: While we await proposed regulations under Code section 401(a)(9) to reflect the significant changes made to the required minimum distribution (“RMD”) rules under the SECURE Act, the 2020 IRS Publication 590-B for IRA distributions gives us a look into the current IRS thinking. It also has a nice summary of the disaster relief provisions that apply to IRAs. A brief summary of the RMD changes reflected in the IRS Publication that applies to IRAs, and which generally also may be applied to defined contribution plans, is set forth ...