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| New Rules for IRA & Retirement Plan Distributions |
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| By Sara Vannucci, Attorney |
IRS Regulations have finally issued on changes in computing the Minimum Required Distribution (MRD), as well as providing for Required Beginning Dates (RBD), and expanded Beneficiary Designations that permit extended tax deferral over multiple life expectancies.
These Regulations are effective January 1, 2003, and in general, this is a liberalizing of the old rules. A new mortality table (life expectancy) has been introduced, with a companion distribution period table, to compute the amount which must be withdrawn from these Qualified plans annually to avoid penalties. The tables finally acknowledge the increased longevity of the American taxpayer. These rules are summarized in two charts which follow, as well as the 13 pages of life expectancy tables.
Please click to open table one.
Please click to open table two.
Questions? Call or email Sara Vannucci, SaraVannucci@att.net or (480) 595-7462
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