On Fri, 14 Feb 2014 22:26:21 -0500, Earl__ wrote:

Poco Loco wrote:
On Thu, 13 Feb 2014 20:26:28 -0500, Earl__ wrote:

Poco Loco wrote:
On Thu, 13 Feb 2014 13:37:23 -0500, HanK wrote:

On 2/13/2014 8:01 AM, Poco Loco wrote:
...calculation is very simple. Get the total value of your IRA's (not Roth) as of the end of the
previous year, divide by a number provided in the IRS table, and that's your minimum distribution.

Then give it to your kids as a Christmas present, minus the taxes you'll owe on it.

Simple, huh?

Or you could get involved in another hobby. Or buy some more guns, or maybe a motorcycle.

So, all you youngsters have nothing to fear. Don't pay some CPA guy to do your taxes for you.

tell me all about it. We'll be needing to do that soon.
That's it. Nothing to it.

Calculating the required minimum distribution
The required minimum distribution for any year is the account balance as of the end of the
immediately preceding calendar year divided by a distribution period from the IRS’s Uniform Lifetime
Table. A separate table is used if the sole beneficiary is the owner’s spouse who is ten or more
years younger than the owner.

Here's the worksheet.

http://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf

In my case, add 'em all up, divide by 27.4. Tell the bank to transfer the amount from your IRA to
wherever - in my case a money market savings account for the time being.

Forget the money market. This is where I keep my extra cash:

http://www.gecapitalinvestdirect.com...rest-plus.html

1.1% is the best I have found right now.
Pentagon Federal is paying 3% on 5 year CDs. But I'm going to give it to the kids. Let them pay the
taxes on the interest from now on.

GE offers similar, fixed rate, term deposits but not at 3%! I like this
plan because it keeps my cash available without penalty on a few day's
notice.

Well, Pentagon Fed lowered theirs to 2%. Now I feel badly.