"Don't Let the IRS Gobble Up Your IRA," yet if you listen to the national newspaper article we read yesterday, that's exactly what the IRS will do.
This article's author makes major mistakes, using the wrong IRA minimum distribution table in his example, using the wrong percentage when talking about required distributions from your IRA balance and more.
Ed Slott and Company IRA Technical Consultant Jeffrey Levine discusses the errors and corrects them so you know how to best take required minimum distributions from your IRA and make sure the IRS isn't gobbling up your IRA.
Watch the video at this link or below in another installment of IRAtv. Make sure to subscribe to Ed Slott and Company's YouTube Channel for the latest IRA, tax and retirement planning information.
-By Jeffrey Levine and Jared Trexler
3 comments:
Good information Jeff!
The general public thinks this is an easy deal. Obviously, not! I've seen and corrected articles by local CPA's on IRA's as well. Jeffrey, absolutely correct, individuals should only work with specialized professionals on this. Thank you!
I, too, am thoroughly confused by the RMD issue. Question: If I have several Traditional IRA accounts and a 401K account, am I obliged to withdraw a ? 4% from each account?. I will be 701/2 come June 2014. Thanks.
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