Are you or a family member 72 or older and subject to required minimum distributions from a retirement account? What will happen if you fail to withdraw the required minimum? Can you fix it if you do not meet the withdrawal requirement? Does the IRS assess any penalties if you miss the distribution? This week's blog will outline these questions.
To learn more, click on the link below to read, Fixing a Missed RMD in 5 Easy Steps.
Did you miss an RMD, was a mistake made, or have you been contacted by the IRS regarding an RMD; these are a few issues you may have faced or could face in the future. We are here to help correct and prevent these scenarios. When you reach the time you need to take yearly RMDs, we recommend setting up an automatic annual distribution. We do the math and schedule the withdrawal date, and all you need to do is wait for the check to come in the mail or be direct-deposited each year. If you prefer to have your RMD go to a charity(s), this is called Qualified Charitable Distributions (QCDs); we can also set these up as automatic annual distribution(s). You will learn more about QCDs in next week's blog.
You can almost fix anything with the proper tools; Dixon Financial Group has those tools. This topic may leave you questioning whether or not you do, so please reach out so we can help. Please feel free to share this information if it can help someone you know.
David S Dixon, CFP®