[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-301777-105":53,"doc-detail-301777-en":126},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":119,"head_meta":121,"extra_data":123,"updated_unix":125},105,"en","there-are-solutions-for-required-minimum-distributions-published-november-15-2021-steve-pitchford","THERE ARE Solutions for Required Minimum Distributions! - Published November 15, 2021 - Steve Pitchford","","Required Minimum Distributions (RMDs) are mandatory annual withdrawals from pretax qualified retirement accounts once individuals reach age 72, and they are generally taxed as ordinary income in the year taken. 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No doubt, it’s because ofT-A-X-E-S.  \nWhile RMDs can be an unwanted by-product of contributing to and investing in retirement accounts such as 401(k)s, IRAs, 403(b)s, etc., there are impactful and proactive tax planning strategies that can materially lessen the tax sting of an RMD.  \nWhat are RMDs, and how should an individual plan for them within the context of a tax-efficient retirement strategy? Read on to learn more about RMDs, and specifically, three actionable RMD strategies worth evaluating to better keep Uncle Sam at bay.  \nWhat is an RMD?  \nThe Internal Revenue Service (IRS) requires that individuals begin taking annual distributions (read: withdrawals) from pretax qualified retirement accounts 1 when they reach age  \n72. These withdrawals are referred to as required minimum distributions (RMDs) .  \nRMDs from pre-tax qualified retirement accounts are subject to ordinary income tax rates in the year in which they are taken.  \nExamples of pre-tax qualified retirement accounts include:  \n• Regular/Traditional IRAs  \n• SEP IRAs  \n• SIMPLE IRAs  \n• 401(k) plans2  \n• 403(b) plans  \n• 457(b) plans  \n• Profit sharing plans  \n• Other defined contributions plans  \n• Inherited IRAs (subject to special rules, see page six)  \n• Annuities, but only when held within another qualified retirement plan  \n1 A retirement plan that provides tax advantages relative to nonqualified plans. Most employer-sponsored plans are qualified retirement plans.  \n2 Less than 5% owners can defer RMDs until they leave the company or retire.  \nGenerally, Roth IRAs are the only type of qualified retirement plan not subject to RMDs. Withdrawals from Roth IRAs are tax-free, and the IRS does not mandate distributions from these accounts, as no tax revenue is generated when taking a Roth distribution.  \nWhy are Investors Subject to RMDs?  \nPre-tax contributions to a qualified retirement account provide two important and major tax advantages:  \n1. A dollar-for-dollar reduction in taxable income (read: an income tax deduction) for the contribution in the year it was made  \n2. Investment earnings ( interest, dividends, and capital gains) are not taxed until withdrawn from the plan3. The power of tax-deferred compounding is tremendous, FYI:  \nIf RMDs did not exist and an individual had sufficient supplemental financial means4 to meet their retirement spending goals and objectives, they would probably avoid distributions from a pre-tax qualified retirement plan in the interests of avoiding paying the concurrent ordinary income taxes on those distributions. Requiring these distributions ensures that the government will not lose out on valuable tax revenue, on top of the lost tax revenue from the upfront tax deduction and tax-deferred growth that retirement accounts already provide.  \n3 Taxable investment accounts, such as a brokerage account or trust account, are subject to taxes based on annual earnings. Investors receive a Form 1099 each year showing the income to be reported on tax returns.  \n4 Pension income, Social Security benefits, taxable investment assets, etc.  \nHow are RMDs Calculated?  \nFor most individuals, the annual RMD calculation is as follows:  \n1. The individual determines the account balance as of December 31 of the year before the RMD is to be taken.5  \n2. The account owner determines his or her “life expectancy factor” using the life expectancy tables published by the IRS.  \n3. The account balance is divided by the life expectancy factor to determine that year’s RMD. The life expectancy table used for most individu","cbCaivMNbcnj9U1j","https://ap.wps.com/l/cbCaivMNbcnj9U1j","pdf",615723,8,"English","# What is an RMD?\n## Why are investors subject to RMDs?\n# How are RMDs calculated?\n## Towerpoint Tip\n# What if an investor misses an RMD?\n# How to effectively plan to decrease RMD taxes\n## Strategy One: Accelerate IRA withdrawals","[{\"question\":\"What are Required Minimum Distributions (RMDs) and when do they start?\",\"answer\":\"RMDs are annual distributions required by the IRS from pretax qualified retirement accounts. They generally begin when an individual reaches age 72.\"},{\"question\":\"Which retirement accounts are subject to RMDs, and are there exceptions?\",\"answer\":\"Pre-tax qualified accounts such as Traditional IRAs, 401(k) plans, and 403(b) plans are subject to RMDs. Roth IRAs are described as the only type of qualified retirement plan not subject to RMDs.\"},{\"question\":\"How are RMDs calculated each year?\",\"answer\":\"The account balance as of December 31 of the prior year is divided by the applicable IRS “life expectancy factor” from IRS life expectancy tables.\"}]","THERE ARE Solutions for Required Minimum Distributions! - Published November 15, 2021 - Steve Pitchford | PDF",1789785372]