Required Minimum Distribution (RMD) Letters are out..No Action Necessary

With last week being a week of Wall Street sayings and quotes, we decided this week to have a focus on tax facts and tips for your reading fun with a special friday dozen mistakes grand finale….we know you are holding your breath so without further adieu, here we go:

Today we wanted to make note of the infamous our pesky (depending on your disposition at the time) Required Minimum Distribution (RMD) letter. This letter is generated from our vendor automatically and has just arrived to your mailbox in many cases, special hat tip to J and Z for the alert. RMD

There is no action required on your part and recall this letter is specific to any one account held with our vendor. As a matter of practice, any of you whom are 70& 1/2 or older must take a distribution from your IRA or other similar qualified account in aggregate. This means that the IRS wants you to take a certain amount of your qualified funds based on the TOTAL amount of your IRA assets. You may take all of the mandatory/needed distribution from one account, but make sure you take out enough to meet the total requirement or a nice taxable slap on the hand may be due.

Have a great day!


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Dallas, TX 75225

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