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I have heard that rules have changed and I may be required to take an RMD this year or face a 25% penalty. The IRA Custodian provides estimates for RMDs that I should take in 2024 (and RMDs for 2023 and 2022 that I hopefully didn't miss already.) However, when I looked more closely, there is an assumption that the "RMD…
I have a variable annuity that was funded with after tax money. The earnings have never been taxed. I am just turning 73, are RMDs required? Is withdrawn money taxed as a capital gain or as regular income? Can the withdrawn money all be original money (non taxable) or all earned money (taxable) or is it apportioned between…
on my 1099?
I turned 73 this year and read I must receive my first RMD by 4/1/2025, is this correct and what date should I use for the RMD calculation? Also what's the RMD date in subsequent years?
My church is a 501c(3) organization. In addition to a General Fund, there are several funds designated for specific purposes, i. e. Missions, School, Food Bank, etc. Can a QCD be directed to a specific designated fund or must it go to the General Fund?
My wife and I are both in our mid-70’s and blessed to have substantial Traditional IRA’s, with the resultant Required Minimum Distributions (RMD). My questions are about the new provision that allows us to contribute to Qualified Charitable Annuities (QCA) as part of our RMD. I’ve read they are “one-time” with a max of…
I am 64, My father passed in 2020 at the age of 80 and I have inherited his IRA. I know the IRS waived any penalties for not taking RMDs for 2021 and 2022 while they tightened up their guidance on the 10 year rul. Has the penalty been waived again for 2023 for everyone? Some sources say you must take the RMD for 2023 on…
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