You cannot keep retirement funds in your account indefinitely. You generally have to start taking withdrawals from your IRA or individual retirement account when you reach age 70½. Roth IRA rules do not require withdrawals until after the death of the owner.
The minimum amount you must withdraw from your account each year is called your required minimum distribution. You can withdraw more than the minimum required amount. 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). If you fail to take out the required minimum distribution, a 50% penalty will be imposed on the difference between what you should have distributed and what was actually distributed.
The webinar will cover the rules to compute the required minimum distribution, so the correct amount can be timely distributed avoiding the 50% penalty.
Why Should You Attend:
Most people do not realize amounts inside their IRA cannot be retained indefinitely. Once a person reaches age 70½, a minimum distribution will be required annually. In addition, minimum, annual distributions must be made from an inherited IRA or Roth IRA.
Failure to distribute the minimum will result in a 50% penalty being imposed on the difference between what should have been distributed and what was actually distributed. The IRS has started to review IRA penalty to make sure the required minimum distributions are being made.
Areas Covered in this Webinar:
The required minimum distribution rules
How to compute the required minimum distribution
When the required minimum distribution must be made
How the required minimum distribution rules apply to the IRA owner while living and once deceased
How the 50% penalty is computed
How the required minimum distribution rules apply to Roth IRAs
Interaction between an IRA and qualified plans
Learn how to avoid the 50% penalty applicable to required minimum distributions whether an IRA or Roth IRA owner
Who Will Benefit:
Anyone who owns an IRA or Roth IRA
Anyone who advises the owner of an IRA or Roth IRA
Anyone who recommends investing in an IRA or Roth IRA
Robert E. Barnhill, III, is an Attorney, Certified Public Accountant, Personal Financial Specialist and Certified Financial Planner designee from Lubbock, Texas, where he practices in the areas of Estate, Retirement, and Individual Tax Planning.
Bob graduated from Texas Tech University in 1976 with a Bachelor of Business Administration and in 1980 with a Master of Business Administration and a Doctor of Jurisprudence. Bob graduated Magna Cum Laude from Law School and was named to the Order of the Coif. Bob worked for two years with the Private Business Advisory Services department of the Dallas office of Peat, Marwick, Main.
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