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RMD & IRA Withdrawals

By: Tax Advisors | Nov 16, 2018


After you reach age 70½, you are required by the IRS to take annual Required Minimum Distributions (RMDs) from your IRA, SEP IRA, SIMPLE IRA, or retirement plan account. You can withdraw more than the minimum required amount. The deadline to take your RMD is by Dec. 31.

You can withdraw more than the minimum required amount.

Roth IRAs do not require withdrawals until after the death of the owner.

Your withdrawals will be included in your taxable income except for any part that was taxed before (your basis) or that can be received tax-free (such as qualified distributions from designated Roth accounts).


 

Tags: TaxTips, Tax, Income Tax, SanDiego, California, RMD, IRA Withdrawals

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