IRA Required Minimum Distribution...
 

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.

IRA Required Minimum Distribution...
 

On 2/13/14, 11:02 AM, Poco Loco wrote:
On Thu, 13 Feb 2014 12:46:21 -0600, Califbill wrote:

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.

My brokerage sends me a notice with what I have to withdraw. Even simpler
than IRS. The scary part is what is the tax rate going to be in 5 years
with the gross overspending by the government.

That works well if all your IRA funds are in one account.

I have 9 accounts counting the wifes. And the RMD is per account.

IRA Required Minimum Distribution...
 

On Thu, 13 Feb 2014 18:57:10 -0800, Bill McKee wrote:

On 2/13/14, 11:02 AM, Poco Loco wrote:
On Thu, 13 Feb 2014 12:46:21 -0600, Califbill wrote:

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.

My brokerage sends me a notice with what I have to withdraw. Even simpler
than IRS. The scary part is what is the tax rate going to be in 5 years
with the gross overspending by the government.

That works well if all your IRA funds are in one account.

I have 9 accounts counting the wifes. And the RMD is per account.

It is 'per account' in that all 9 accounts must be included to determine the total RMD for the year.
But the distribution itself can be taken from only one of the accounts. In my case (four IRA
accounts), I'm taking the total distribution from the one IRA certificate which is drawing the least
interest. Becausea it is a RMD, I'm not penalized for the early withdrawal.

IRA Required Minimum Distribution...
 

In article , __ says...

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.

I hope you don't have all of your money invested in corporate bonds.

IRA Required Minimum Distribution...
 

On 2/14/14, 6:52 AM, BAR wrote:
In article , __ says...

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.

I hope you don't have all of your money invested in corporate bonds.

You are supposed to take from each, not just one. Easier for IRS to
keep track. What I was told.

IRA Required Minimum Distribution...
 

On Fri, 14 Feb 2014 11:45:11 -0800, Bill McKee wrote:

On 2/14/14, 6:52 AM, BAR wrote:
In article , __ says...

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.

I hope you don't have all of your money invested in corporate bonds.

You are supposed to take from each, not just one. Easier for IRS to
keep track. What I was told.

You were told improperly. The IRS has these big computers that do all the work. It's OK to have
several accounts and just take from one.

"Can an account owner just take a RMD from one account instead of separately from each account?

An IRA owner must calculate the RMD separately for each IRA that he or she owns, but can withdraw
the total amount from one or more of the IRAs. Similarly, a 403(b) contract owner must calculate the
RMD separately for each 403(b) contract that he or she owns, but can take the total amount from one
or more of the 403(b) contracts.

However, RMDs required from other types of retirement plans, such as 401(k) and 457(b) plans have to
be taken separately from each of those plan accounts."

http://www.irs.gov/Retirement-Plans/...istributions#5

IRA Required Minimum Distribution...
 

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.

IRA Required Minimum Distribution...
 

BAR wrote:
In article , __ says...
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.
I hope you don't have all of your money invested in corporate bonds.
They aren't corporate bonds and no, I have less than $100K in there. I
don't see GE defaulting anytime soon. This program is a smart way for a
large cap company to "borrow" money at below market rates. Interest
compounds daily, too!

IRA Required Minimum Distribution...
 

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.

IRA Required Minimum Distribution...
 

On Thursday, February 13, 2014 at 8:01:12 AM UTC-5, John H. 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.

Why can't the Gov't just stay the hell out of our lives? Are they worried we will die with all that money in an IRA and they won't get their taxes? Wouldn't an inheritance tax be bigger?
What a total waste of time and effort on everyones part.