https://nwcm.com/wp-content/uploads/2016/09/New-Logo-for-Header.jpg 0 0 Fred Payne https://nwcm.com/wp-content/uploads/2016/09/New-Logo-for-Header.jpg Fred Payne2017-07-02 11:05:502019-12-04 06:08:19As the original owner of an IRA, or as the spousal beneficiary, do I ever have to take money out of my IRA?
As the original owner of an IRA, or as the spousal beneficiary, do I ever have to take money out of my IRA?
- For a Regular IRA, you must start taking “required minimum distributions” for the year in which you turn age 70 ½.
- For a ROTH IRA, no distributions are required.
- The amount of your required minimum distribution is based upon your age, the age of your beneficiary, and the marital or non-marital relationship of your beneficiary.
- Your first Required Minimum Distribution will be less than 5% of your account balance
- See the following IRS publication for specific information about the amount of your Required Minimum Distribution: https://www.irs.gov/publications/p590b/index.html