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Investment Term For The Day - Required Minimum Distribution
Manage episode 355244435 series 2956461
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A required minimum distribution is the amount of money that must be withdrawn from an employer-sponsored retirement plan, traditional IRA, SEP, or SIMPLE individual retirement account by owners and qualified retirement plan participants of retirement age.
A required minimum distribution acts as a safeguard against people using a retirement account to avoid paying taxes.
RMDs are determined by dividing the retirement account’s prior year-end fair market value by the applicable distribution period or life expectancy.4
The Internal Revenue Service has a worksheet to help taxpayers calculate the amount they must withdraw.5 Generally, your account custodian or plan administrator will calculate these amounts and report them to the IRS.
Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support.
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A required minimum distribution acts as a safeguard against people using a retirement account to avoid paying taxes.
RMDs are determined by dividing the retirement account’s prior year-end fair market value by the applicable distribution period or life expectancy.4
The Internal Revenue Service has a worksheet to help taxpayers calculate the amount they must withdraw.5 Generally, your account custodian or plan administrator will calculate these amounts and report them to the IRS.
Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support.
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