IRA owners and participants in 401(k), 403(b), and Governmental 457(b) plans (account owners) must take annual required minimum distributions (RMD) beginning the year they reach their applicable RMD age. Failure to take RMDs will result in the account owner owing the IRS and excise tax of 25% of the RMD shortfall. The RMD calculation formula, the RMD aggregation rules, and the prohibition of rollovers of RMDs are just a few of the rules and regulations that complicate the RMD process. Interested parties must understand these and other compliance requirements that apply to RMDs to ensure that penalties are avoided.
This webinar presents an overview of the RMD rules for account owners. It provides tips on avoiding pitfalls and implementing tax efficient RMD strategies.
Learning Objectives
Upon completion of this course, participants will be able to:
Determine who must take an RMD for the year.
Determine if a distribution qualifies to be an RMD.
Get a waiver of the excise tax for missing an RMD deadline. And,
Coordinate qualified charitable distributions (QCDs), so they satisfy RMDs.
Major Topics
Required Minimum Distribution (RMD)
SECURE act 2.0
Who is subject to RMDs by Account Types?
How to calculate owner RMDs
Determining the FMV
QCDs as RMD: Case Studies
