No, it’s not the abbreviation of a hot new rock band. In financial parlance RMD stands for Required
Minimum Distribution. It is the amount
that traditional IRA and qualified plan participants must start distributing
from their retirement accounts by April 1 following the year they reach age
70.5.
We realize that April 1st has long since passed, but this is
no April Fool’s joke. You need to stay
on top of this! RMD’s are determined by
dividing the prior year-end fair market value of the retirement account by the
applicable distribution period or life expectancy. By the way, Roth IRAs do not require
withdrawals until after the death of the owner.
Matters of taxes and business formations are best handled by
a top Las Vegas CPA. The right person
for the job may well be Michael Mathews.
This is a great time of year to make an appointment at his Northwest
office located in the Lakes to discuss the financial future of yourself and
your business. Make an appointment by
calling (702) 240-5237.
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