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#1
posted to rec.boats
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IRA Required Minimum Distribution...
....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. |
#2
posted to rec.boats
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IRA Required Minimum Distribution...
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. |
#3
posted to rec.boats
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IRA Required Minimum Distribution...
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. |
#4
posted to rec.boats
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IRA Required Minimum Distribution...
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. |
#5
posted to rec.boats
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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. |
#6
posted to rec.boats
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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. |
#7
posted to rec.boats
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IRA Required Minimum Distribution...
On Thursday, February 13, 2014 at 8:51:25 PM UTC-5, John H. wrote:
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. You would do tat, you JACKOFF. |
#9
posted to rec.boats
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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. |
#10
posted to rec.boats
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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! |
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