Related: Business Expense Tax Deductions: 12 Facts to Know
Required minimum distributions (RMDs) are a fact of life for retirees. But if your clients pull out more than the required amount from the IRA, for example, they could trigger unnecessary taxes. And while Congress allowed people to suspend taking RMDs for 2020 as part of COVID-19 relief, the requirements are back in place for 2021 and beyond.
Are you advising your clients correctly when it comes to RMDs associated with retirement accounts? In the gallery above are 12 important tax and financial planning questions and answers advisors should be aware of regarding required minimum distributions, according to ALM’s Tax Facts Online.
(Graphics: Chris Nicholls/ALM)
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