RMD Tips and Tricks To Keep The IRS Off Your Back We're approaching that time of the year again where if you're age 70 1/2 or older you are required by law to withdraw money from your tax-deferred retirement accounts and pay income tax on your withdrawal.
For some, the RMD (Required Minimum Distribution) rules are confusing and steeped in lore. One thing is certain, however, the penalty for missing or miscalculating your RMD is one of the most severe in the Internal Revenue Code, weighing in at a whopping 50% penalty on the amount you're required to take.
Whether this year marks your first year taking an RMD or you've been taking it for decades here's some of the top tips to keep you away from unnecessary IRS penalties that could eat away at your retirement savings and peace of mind.
To calculate your RMD the IRS provides a somewhat obscure table based on your age and supposed life expectancy called the Uniform Lifetime Distribution table as shown below:
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