IRS Rules on People over 701/2


If you are over 701/2 and have tax-deferred retirement accounts, you should withdraw some money from them. In case you did not know, compulsory minimum retirement distributions are on again. In a recent survey by Fidelity Investments, about half of people did not realize this.

In 2009, mandatory distributions were suspended due to the stock market crash where thousands of seniors lost billions of dollars in their retirement savings. Following to the crash, many seniors expressed their grievance that mandatory distributions would deplete their accounts too quickly and affect their savings for later years. As a result of this, the government granted the one-year suspension and seniors were given the option of whether to take money out of retirement accounts.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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