 RMD (by myob [GA]) Dec 30, 2022 11:13 AM
 RMD (by John... [MI]) Dec 30, 2022 12:18 PM
RMD (by myob [GA]) Dec 30, 2022 12:47 PM
RMD (by MikeA [TX]) Dec 30, 2022 1:13 PM
RMD (by myob [GA]) Dec 30, 2022 1:17 PM
RMD (by PG [SC]) Dec 30, 2022 8:40 PM
RMD (by Allym [NJ]) Dec 30, 2022 10:15 PM
RMD (by myob [GA]) Dec 31, 2022 6:16 AM
RMD (by myob [GA]) Dec 31, 2022 6:22 AM
RMD (by Wilma [PA]) Dec 31, 2022 7:42 AM
RMD (by MMIT [VA]) Dec 31, 2022 10:07 AM
RMD (by Wilma [PA]) Dec 31, 2022 11:02 AM
RMD (by Dee Ann [WI]) Dec 31, 2022 7:08 PM
RMD (by Ray-N-Pa [PA]) Jan 3, 2023 8:14 PM
RMD (by John... [MI]) Jan 4, 2023 8:20 AM
RMD (by Dee Ann [WI]) Feb 5, 2023 12:49 PM
RMD (by myob [GA]) Posted on: Dec 30, 2022 11:13 AM
Message:
Today is the last day to withdraw from your 401 the mandatory amount to avoid a 50% penalty for not doing it.
Those of the age know what I mean? I hope.
--108.239.xx.xx |
RMD (by John... [MI]) Posted on: Dec 30, 2022 12:18 PM
Message:
Isn't tomorrow the last day? --67.209.xxx.xx |
RMD (by myob [GA]) Posted on: Dec 30, 2022 12:47 PM
Message:
Its not. It's today -- the last business day of the month.
I almost got caught thinking tomorrow also. --108.239.xx.xx |
RMD (by MikeA [TX]) Posted on: Dec 30, 2022 1:13 PM
Message:
And uncle Joe just gave us another year, starts at 73 next year. --209.205.xxx.xx |
RMD (by myob [GA]) Posted on: Dec 30, 2022 1:17 PM
Message:
mike for sure? --108.239.xx.xx |
RMD (by PG [SC]) Posted on: Dec 30, 2022 8:40 PM
Message:
IRA RMD changes from 72 to 73 per SECURE 2.0 for 2023. This and several other changes is identified in the Omnibus Bill signed in to law by B. recently. --72.173.xxx.xxx |
RMD (by Allym [NJ]) Posted on: Dec 30, 2022 10:15 PM
Message:
August for me on my birthday. --71.188.xx.xxx |
RMD (by myob [GA]) Posted on: Dec 31, 2022 6:16 AM
Message:
Mike TX I wonder why my Fidelity account has been sending me reminders if it's been extended?
Thanks for being on top of this. Maybe I should be paying you rather than Fidelity? (that was a joke) --108.239.xx.xx |
RMD (by myob [GA]) Posted on: Dec 31, 2022 6:22 AM
Message:
just read the new uncle joey law.
I'm 72 this year 2022 and still must take it. If you turn 72 in 2023 you get an extra year. --108.239.xx.xx |
RMD (by Wilma [PA]) Posted on: Dec 31, 2022 7:42 AM
Message:
Thanks to all for the tip - we're still a few years shy of RMDs, but are happy to see that we have yet another before we must take them. That will help us as we are converting to Roths while trying to keep within our tax bracket. --96.245.xx.xx |
RMD (by MMIT [VA]) Posted on: Dec 31, 2022 10:07 AM
Message:
The other part of the RMD changes is that the withdrawal rate increases - forcing you to take a higher amount out each year under the new rules.
Joe still has to have the tax money!
Wilma, not trying to ask too many personal questions, but, what is your Roth conversion plan? Are you planning on converting all the IRAs to Roth by the time you are 73? Or, are you going to leave some money in the traditional account for “pretax” charitable donations? Or are you going to leave some traditional money and do small RMDs - staying in a low tax bracket? Do you plan on needing any of your IRAs in the future?
Thanks --71.62.xx.xx |
RMD (by Wilma [PA]) Posted on: Dec 31, 2022 11:02 AM
Message:
@MMIT(VA) At this point, the goal is to have what is left by age 70 for my spouse be what funds charitable contributions (QCDs), starting at age 73. Why 70? Because he will start taking Social Security at that age, definitely bumping our tax bracket. (I am 2 years younger, with no traditional IRA.) He would also take any RMDs, if necessary, but a much lower amount, had we not converted.
Word of warning, thanks to WMH(NC) from her post last spring - be careful how much you convert per year if you are on Medicare, as there are brackets for the part D premium that increase the premium based on AGI. She and her husband got slammed by converting very large amounts in one year.
Glad to share info. Use an OT post to me if you have any more questions, I will see if I can assist. We have really spent a lot of time strategizing about RMDs. --24.229.xxx.xx |
RMD (by Dee Ann [WI]) Posted on: Dec 31, 2022 7:08 PM
Message:
We too are strategising; all the financial planners we met with so far said we'll always be paying more taxes if we keep the properties...and it's not how much you make, but how much you keep.
There are different buckets of taxation. Like a puzzle, you need to know all the pieces to pay as little taxes as possible. Like WILMA stated above, converting smaller amounts to Roth's keeping the AGI, tax brackets, medicare, tax bucket taxations in mind in your planning. i.e., qualified dividends and capital gains taxes are lower than ordinary income. Don't forget that in January 2026, taxes are slated to go back to former higher rates-just another piece of the puzzle.
Grateful for the passage of Secure Act 2.0-that should allow for all my Traditional IRA to be converted to ROTH by age 73. Then 10 more years to convert hubby's Traditional to ROTH...
--75.11.xx.xx |
RMD (by Ray-N-Pa [PA]) Posted on: Jan 3, 2023 8:14 PM
Message:
One more reason why Roth accounts can make sense = no RMD --50.204.xxx.xxx |
RMD (by John... [MI]) Posted on: Jan 4, 2023 8:20 AM
Message:
For a Roth IRA, that is correct. For a Roth 401k, RMDs are still required, I believe.
--67.209.xxx.xx |
RMD (by Dee Ann [WI]) Posted on: Feb 5, 2023 12:49 PM
Message:
Yes, John, according to Ed Slott, that is correct. --75.11.xx.xx |
Reply:
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