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| Name | What is a Required Minimum Distribution? |
| Video Uploader | Video From The Tax Geek |
| Upload Date | This Video Uploaded At 30-08-2022 13:05:04 |
| Video Discription | If you've been saving all your life for retirement using a tax-deferred account such an IRA or 401(k), eventually the IRS is going to want the taxes on that money, whether you want to use it or not. These are called Required Minimum Distributions, they start at age 72, and there are steep penalties for not taking them. This video describes what Required Minimum Distributions are, how they're calculated, when you need to start taking them and the consequences of not doing so. 2023 UPDATE: The age when RMDs are required to start has been increased to 73 effective 2023. Also the penalty for not taking RMDs has been reduced to 25% of the shortfall, and if the shortfall is corrected in a timely manner further reduces to 10%. CORRECTION (slight): Sharp-eyed viewers might notice that the Distribution Codes on "Alfred's" 1099-R Forms are "1" for "early withdrawal." The Codes should be "7" for "normal distribution." 0:00 Introduction 0:42 What is a Required Minimum Distribution? 2:35 RMD Examples 4:37 RMD Timing 5:23 Consequences of not taking RMDs 6:04 Conclusion For a general overview of IRA distributions, click here: https://youtu.be/mnEDU1Dg7Lg Resources and Information: IRS Publication 590-B "Distributions from Individual Retirement Arrangements" (Contains all three Life Expectancy Factor tables): https://www.irs.gov/pub/irs-pdf/p590b.pdf Kiplinger.com: "the Basics of Required Minimum Distributions: 12 Things You Must Know About RMDs": https://www.kiplinger.com/retirement/retirement-plans/required-minimum-distributions-rmds smartasset.com: "How to Calculate Required Minimum Distribution (RMD)": https://smartasset.com/retirement/how-to-calculate-rmd The Tax Geek on Twitter: @taxgeekusa The Tax Geek on Reddit: www.reddit.com/r/askataxgeek Image and video sources: Storyblocks.com Pexels.com The Images of "Alfred," "Zelda," and "younger Zelda" were generated by thispersondoesnotexist.com and any resemblance between these images and any persons, living or dead, is coincidental and not intended. Intro Music: "Bluesy Vibes" - Doug Maxwell - YouTube Audio Library Outro Music: "Modern Attempt" - Track Tribe via YouTube Audio Library DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or investment advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or investment professional. The information in this video is current as of date of publication, and is subject to changes. [ZfULopf_QVk] |
| Category | Education |
| Tags | Federal Income Taxes | 401(k) plans | required minimum distribution | IRA | IRA distributions |
