Category Archives: RMD – Required Minimum Distributions

TaxMama’s TaxQuips Solid Gold

  TaxMama® learns something from a question about the required minimum distributions. Got to tell you about this!   Dear Family, One of our readers asked about how to take a required minimum distribution from his IRA account, when the only asset in the  account was one one-kilo gold bar. In order for you to […]

Last Minute Tax Tips for 2018

Today TaxMama®wants to give you some steps to take before the end of 2018. Dear Family, This year, it’s especially difficult to figure out how to reduce your taxes. The average couple is not likely to be itemizing any more. Folks with high employee business expenses won’t be able to use them. Individuals with mortgages […]

Reasonable Care and RMD

Today TaxMama® hears from Sonia in the TaxQuips Forum, who has this quickie question. “I contacted the custodian of my IRA AT 3 PM on 12/31 to request a required minimum distribution (RMD). The transaction ended up being dated 1/1. Will the 50% penalty apply? If so, how can I apply for relief?”

Mandatory Distribution

Today TaxMama® hears from Patricia in the TaxQuips Forum, with this question.  “I have a client who is 70.5 and working for his own company. He has a 401k plan. Does he have to start taking distributions from his 401k because he is 70.5, even though he is still working? Can he still contribute to […]

Tax on Required Minimum Distribution (RMD)

Today TaxMama® hears from “AReasonableMan” in the TaxQuips Forum, with a question about his wife’s inheritance.  Essentially, it boils down to this. His mother-in-law died. Among the items his wife inherited is an IRA. When a person is over age 70 ½, they are required to draw a certain amount out of their IRAs and […]

IRS Announces Pension Plan Limitations for 2012

WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. In general, many of the pension plan limitations will change for 2012 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other […]

RMD – Minimum Distribution Problem

Today TaxMama hears from Anthony in the TaxQuips Forum with a common problem. “I have a client who stopped working at 81 because he had a stroke and had to go into a nursing home. He had a Sec. 457 plan, which allowed him to put off taking distributions until he terminated employment. But he was […]