RMD Tax Rules

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RMD taxes have some very important rules associated with them that you're going to need to know. Learn about RMD tax rules with help from the founder of Wealth Financial Partners in this free video clip.

Part of the Video Series: Life & Retirement Planning
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Video Transcript

Hi. This is Walter Pardo. You can visit us at WFPTaxPartners.com. We're talking about RMD tax rules. RMD stands for the required minimum distributions that a person has to take, and usually that falls under qualified plans - 401k's, IRA's, 403b's - and what it says is there is a chart, and it takes your date divided by a number is how much money you have to take out. Now traditionally, if it's your own money, you have to take it out by, when you're 70 and a half, you've got to take it out. Now, if you inherit an IRA - even a Roth IRA - from someone that's not your spouse, you have to take out an RMD for the rest of your life, too, and a lot of people forget that. The penalty could be as high as 50% of the amount, so it's very important you follow up, or if you need more information on RMD rules, give us a call at 877-714-2362. Walter Pardo. Thank you.


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