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Which Retirement Savings Vehicles Are Subject to the RMD Rules?

In addition to traditional IRAs, simplified employee pension (SEP) IRAs and SIMPLE IRAs are subject to the RMD rules.

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What If You Fail to Take RMDs As Required?

You can always withdraw more than you are required to from your IRAs and retirement plans.

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Should You Delay Your First RMD?

Remember, you have the option of delaying your first distribution until April 1 following the calendar year in which you reach age 70½ (or April 1 following the calendar year in which you retire, in some cases).

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How Are RMDs Calculated?

RMDs are calculated by dividing your traditional IRA or retirement plan account balance by a life expectancy factor specified in IRS tables. Your account balance is usually calculated as of December 31 of the year preceding the calendar year for which the distribution is required to be made.

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When Must RMDs Be Taken?

Your first required distribution from an IRA or retirement plan is for the year you reach age 70½. However, you have some flexibility as to when you actually have to take this first-year distribution. You can take it during the year you reach age 70½, or you can delay it until April 1 of the following year.

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Tax Considerations

Income tax

Like other distributions from traditional IRAs and retirement plans, RMDs are generally subject to federal (and possibly state) income tax for the year in which you receive the distribution. However, a portion of the funds distributed to you may not be subject to tax if you have ever made after-tax contributions to your IRA or plan.

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What Are Required Minimum Distributions (RMDs)?

Required minimum distributions, often referred to as RMDs or minimum required distributions, are amounts that the federal government requires you to withdraw annually from traditional IRAs and employer-sponsored retirement plans after you reach age 70½ (or, in some cases, after you retire).

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4 Ways to Double the Power of Your Tax Refund

The IRS expects that more than 70 percent of taxpayers will receive a refund in 2017. What you do with a tax refund is up to you, but here are some ideas that may make your refund twice as valuable.

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To Pay or Not to Pay: How to Survive a Ransomware Attack

Imagine this: You open an e-mail that seems to come from Google, prompting you to click a link to reset your password. But when you click, a mysterious .exe file downloads and launches. Slowly, all the files on your desktop turn into white paper icons, and the names of all your files turn into scrambled nonsense.

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What to Ask When Your child Moves Home

Facing heavy college debt burdens and an unpredictable job market, many young adults today are returning home to live with their parents. In fact, according to a recent study by the Pew Research Center, more than 32 percent of young adults lived with their parents in 2014—more than lived alone or with a spouse or partner. 

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