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Volume 7 Issue 8

Ask Your Questions to America's IRA Experts on February 20. Learn more here




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QUESTION OF THE MONTH

What Happens to Your RMDs if You Are Age 70 1/2 and Still Working?

Q: I know that if you are still employed, you don't have to take a distribution from your 401(k) until you retire from the firm. However, I don't know what occurs AFTER you retire. Would the required RMD (required minimum distribution) at that time depend upon your age? Answer

AUGUST KEY FOCUS

"Age 55 Rule" For Taking Money Out of a Company Plan

If you participate in a company retirement plan there's a way you can take a distribution and get out of paying the 10% early distribution penalty if you're under age 59 at the time of the withdrawal. If you are 55 years old or older in the year you left your job and you need to take a distribution of your retirement plan funds immediately, you should follow this. Read More

RULING TO REMEMBER

No 60-Day Rollover Rule Waiver Granted If You Use Funds, Don't Put Them Back

In Rev. Proc. 2003-16, an individual took an IRA distribution with the intention of putting the funds back into their IRA within the mandated 60-day period. They used the funds while they were outside the IRA and didn't complete the rollover back to the IRA in time. Once they realized their error, they asked IRS for forgivness. IRS' response? Read More

INSIDE ED SLOTT'S IRA ADVISOR NEWSLETTER

IRS Creates a New Type of Retirement Annuity

Everything You Need to Know About QLACs

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TWITTER TALK

@theslottreport: When calculating amounts of your #IRA distribution that will be taxable and tax-free, it's crucial to use cumulative non- Roth IRA balance.

@theslottreport: Distributions from QLACs don't have to begin until you reach age 85, well beyond age at which RMDs normally begin. http://bit.ly/1o3Yt8D

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