Beware: IRA Distributions in 2009 are different than other years
Amanda Han of Keystone CPA, Inc. in Irvine, California always has useful little tax tid-bits. This will be an ongoing series that should supply you with some little known or subtle tax tips. I’m not one for memorizing tax code because that holds not interest to me but I always look to Amanda for great advice and tax help. She’s not just smart & professional, she’s also friendly, engaging and personable–not the usual characteristics of an accountant! I hope you’ll find these as insightful as I have and if you need more information, feel free to contact Amanda directly. She specializes in working with real estate investors, a niche I’m in as well!
This particular article briefly discusses this year’s huge change from normal policy on IRA distributions. Be sure you are aware of this for your retirement planning. Enjoy, Megan
Keystone Corner
Most of you may already know the recent law change, but in case you do not, here it is: In 2009, there are no distribution requirements from individual retirement accounts. As such, for individuals who are age 70½ or older in 2009, they are not required to take a minimum distribution from their retirement plan for the 2009 year. This is a great benefit for those individuals in that age group because it allows them to delay the payment of taxes on that money and allows for it to grow tax free or tax deferred for a longer period of time.
Please note this recent law change and the opportunity to avoid minimum distribution requirements apply to self directed IRAs and Solo (k) s as well.
Written 2009 by Amanda Y. Han, CPA
KEYSTONE CPA, INC.
Maximizing Profits & Increasing Wealth
13. October 2009 at 6:16 am
Thanks Megan for posting my lil article!
13. October 2009 at 7:02 am
You are quite welcome Amanda. How did you find it?