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Prepare Now - Potential Tax Changes in 2013
Thomas D. Wilson, Senior Wealth Strategist
the laws stand now, 2012 is the sunset year for many of the Bush era
tax breaks. Many tax rates are set to increase if these breaks aren't
extended. With the 2012 Presidential election heating up, the
possibility of any tax related legislation by Congress becomes even more
It's a good idea to know
these potential tax increases and how they would affect your lifestyle,
investments and beneficiaries. It may be prudent to speak with your
Wealth Strategist about accelerating your income this year given the
following potential hikes.
|Read On »|
Calculating Required Minimum Distributions
are still working as an employee at age 70½, you don't have to take RMDs
from a profit-sharing plan, a pension plan, or a 401(k), 403(b) or 457
plan. Your initial RMDs from these accounts will only be required after
you retire. However, you must take RMDs from these types of accounts if
you own 5% or more of a business sponsoring such a retirement
You must take RMDs from IRAs after you turn 70½ regardless of whether you are still working or not.
- Multiple IRAs.
Should you have more than one traditional, SEP or SIMPLE IRA, the
annual RMDs for these accounts must be calculated separately. However,
the IRS gives you some leeway about how to withdraw the money. You can
withdraw 100% of your total yearly RMD amounts from just one IRA, or you
can withdraw equal or unequal portions from each of the IRAs you own.
- 401(k)s and other qualified retirement plans.
A separate RMD must be calculated for each qualified retirement plan to
which you have contributed. These RMD amounts must be paid out
separately from the RMD(s) for your IRA(s).
- Inherited IRAs.
The same applies; a separate RMD must be calculated for each inherited
IRA you have, and these RMD amounts must be paid out separately from
RMD(s) for your other IRA(s).
you skip an RMD or withdraw less than what you should have, the IRS
will find out and hit you with a stiff penalty: you will have to pay 50%
of the amount not withdrawn.
If you have any questions, feel free to contact your Wealth Strategist at (800) 541-7774 or firstname.lastname@example.org.
Thomas D. Wilson
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material is not intended to provide financial or investment advice and
does not take into account the particular financial circumstances of
individual investors. Before investing in any investment product,
investors should consult their financial or tax advisor, accountant, or
attorney with regard to their specific situation.
the extent this presentation includes any federal tax advice, the
presentation is not intended or written by WrapManager, Inc. to be used,
and cannot be used, for the purpose of avoiding federal tax penalties.
WrapManager, Inc. does not advise on any income tax requirements or
issues. Use of any information presented by WrapManager, Inc. is for
general information only and does not represent tax advice either
express or implied. You are encouraged to seek professional tax advice
for income tax questions and assistance.
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