When Congress passed the SECURE Act in December 2019, not only did they change the start date of RMD’s from age 70½ to age 72 but there were also other changes that were made to IRAs that taxpayers need to be aware of for years 2020+. In this video we will address:
1) The new age 72 RMD start date
2) People still subject to the age 70 ½ RMD start date in years 2020+
3) How RMD’s are taxed
4) How RMD’s are calculated
5) April 1st exception
6) RMD Deadlines & IRS Excise Tax
7) Changes to Qualified Charitable Distributions (QCD)
8) Tax strategies
9) Impact of Traditional IRA contributions past age 70 ½ under the new rules
This is the link to our article on Qualified Charitable Distributions referred in the video.
Contact Michael Ruger with Questions: 518-477-6686 or mruger@greenbushfinancial.com
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My birth date was after July 1st, 1949. It's on December 28, 1949. Apparently, I'm on the 72-rule going forward. The date now is 7/12/2022, I'm72 yrs. old. Can I withdraw my first
RMD now at this time? Thank you!
Is it more advantageous to take RMD out on a day when the stock market is up or down?
Why does IRS require people to take out at all?
Thank you sir. Finally I found the Uniform Lifetime Table in your video. The explanation provided is very good.
Great info. Could you comment on the 10 year rule for those who have inherited an IRA? I have a inherited IRA that was transferred to me in December 2014. Since my father was over 701/2 at the time of his death i have been taking RMDs every year. When does the 10 years begin? Surely they can't expect owners of these accounts for 8 or 9 years to suddenly have to take everything out in 1 to 2 years!!! When does the 10 years begin for those who already had the inherited IRA? Thanks
A question about an inherited 401k- My mom is 5 years older than my deceased dad. She is currently 66 years old. She inherited his 401k. Am I correct in thinking she can start taking RMDs at his, not her, 72nd birthday? Thank you.
SO, FOR YEAR 2020 , WE ARE NOT REQUIRED TO TAKE RMD ?
Just discovered this excellent channel. At age 70 1/2 (or 72), when I withdraw RMD (or more) is that counted as my earnings and taxable by IRS? Basic example: If my SS is $2,500 per month and I withdraw $2,000 per month (more than RMD) out of my 401(k), how much is taxable by IRS? Thank you so much.
Is it the year in which you turn 72 for your RMD to begin. Or does the RMD start effective the month you turn 72. I turn 72 Oct 2021. Thank you.
6
Thank you, good information.
Who decides whether the rmd is distributed to me or reinvested? Can the bank make that decision on their own? I think my relative has been having his rmd balance siphoned by his holding bank.
Thank You!
Good info. Thanks.
How Dumb is that I save all my life and give to a Charity so I don't pay tax. Uncle Sam thinks we are all stupid!
I accidentally hit the down button !! Soo sorry this is marvelous information explained clearly !! Thank You
Good information. Got a question-I turned 72 in March of this year (2020)-when am I required to take the required RMD from my IRA?
I pulled all of my IRA of $20k in 2019. Does the current cares act help me to not pay the 10% withdrawal penalty?
Good info
Glad I saw this, I screwed that one up.
I just took out the same amount the second year ?
Bummer
Thank you very helpful