http://www.kanaly.com Kanaly Trust Company Content Managers RSS feed. . Copyright 2010 Kanaly Trust Company Tendenci Software by Schipul - The Web Marketing Company en-us noemail@kanaly.com Mon, 06 Sep 2010 14:33:27 GMT Content Managers http://www.kanaly.com/retirement-account-distributions-to-skip-or-not-to-skip/ By Laura Rowley January, 2009 If you are a retirement account owner age 70 or older, Congress gave you a special Christmas gift this year, or did they? As a retiree in 2009, you may skip the required minimum distribution (RMD) from your retirement accounts. It is important, however, to answer a few questions regarding your personal situation to determine if you should put this gift to use. Here’s how it works – Legislators passed a bill that suspends the distribution requirements for retirement accounts in 2009. Owners of most types of retirement accounts, including traditional IRAs and 401(k)s, are generally required to begin annual withdrawals after they reach age 70½. In exchange for the years of potential tax-deferred growth on investments, the federal government collects income tax on account owners’ withdrawals at ordinary-income rates. Keep in mind, you may still withdraw from your accounts in 2009, it is just not required. The idea behind this relief is... http://www.kanaly.com/retirement-account-distributions-to-skip-or-not-to-skip/ Wed, 26 Aug 2009 20:59:27 GMT