Gallina Blog There Is Still Time To Implement The Following Year-End Tax Strategies

After you reach age 70½, you must take annual required minimum distributions (RMDs) from your IRAs (except Roth IRAs) and, generally, from your defined contribution plans (such as 401(k) plans). You also could be required to take RMDs if you inherited a retirement plan (including Roth IRAs). If you don't comply - which usually requires taking the RMD by December 31 - you can owe a penalty equal to 50% of the amount you should have withdrawn but didn't.So, should you withdraw more than the RMD? Taking only RMDs generally