IRA Required Minimum Distributions

If you are over the age of 72 and holding a tax-deferred IRA, or if you have an IRA that was inherited from someone other than your spouse who passed prior to December 31, 2019, you likely need to take Required Minimum Distributions.  Such distributions must be taken from the account prior to December 31st or you may face tax penalties.

The following Article on the IRS web site is a good primer on this topic:

IRS Information on Required Minimum Distributions

You may also wish to consult with your licensed tax advisor regarding the specifics of your situation.

Distributions must be issued and reported from your IRA account held by the custodian.  You may not issue distributions to yourself directly from your IRA-owned LLC or Trust.  This process can take time.  We recommend you start the process no later than December 1st to ensure completion prior to the year-end deadline.

Contact your Safeguard Advisor if you need instructions for taking an IRA distribution or need assistance with the process.

Please keep in mind that Safeguard Advisors cannot provide tax advice with regards to the specifics of your RMD situation.

This page has been updated to reflect law changes implemented with the SECURE Act of 2019.