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I am approaching the IRS Required Minimum Drawdown from my IRA. Is there any way to lessen the burden of this requirement?


Expert Todd Alexander's Answer:

The best way to reduce the burden is to plan ahead.  That is have taxable retirement income and non-taxable, such as a Roth.  Also, you may want to hold off drawing on your social security.  But at the end of the day, you will have to take the RMDs from the IRA.  The annual RMDs are determined by life expectency tables found in IRS Publication 590.  Lastly, do not fail to take your RMD.  There is a 50% penalty, plus you will have to pay tax on the income.

Todd Alexander, CPA


20 yrs experience

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