Beyond Your IRAs – The Burns Firm – Advisors of Complex Financial Matters

Beyond Your IRAs

Different rules and conditions may apply to RMDs from inherited accounts and your qualified employer-sponsored retirement plans, including:

401(k) plans,
403(b) plans,
457(b) plans,
Profit sharing plans, and
Other defined contribution plans.

If the retirement plan account is an IRA or the account owner is a 5% owner of the business sponsoring the retirement plan, the RMDs must begin once the account holder is age 70 ½.

The rules regarding RMDs can be complex, so be sure to contact your tax advisor to ensure you’re in compliance.

February 28th, 2017|Categories: Burns Firm|

About the Author: Denis Burns

Denis Burns is a New Mexico native. Prior to establishing The Burns Firm, Mr. Burns worked exclusively in the Federal Income Tax division of a “Big Four” accounting firm. His experience includes tax planning and compliance for corporations, individuals, trusts, estates and partnerships in a wide variety of industries.