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I Forgot to Take My RMD – What Now?- Episode 95

Required Minimum Distributions (RMDs) are a fact of life for most IRA owners who are at least 72 years of age. A certain amount of money must be distributed out of the IRA each year, or the IRS imposes a strict penalty on the missed amount.

How strict? 50 percent of the amount you were supposed to take out! That’s a scary proposition, but what if, for one reason or another, you missed your RMD for one or more years? What now?

In this week’s episode of Managing Your Financial Future, podcast host Johnny Dean and Rick “The Professor” Plum, CFP® talk about ways to potentially remedy this situation, and maybe — maybe — not have to pay the penalty. Have a listen and find out more!

Important Information:

The information provided should not be considered specific tax, legal, or investment advice and is not specific to any individual’s personal circumstances. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

You should always seek counsel of the appropriate advisor prior to making any investment decision. All investments are subject to risk including the loss of principal. This material was gathered from sources believed to be reliable, however, its accuracy cannot be guaranteed.

No client or prospective client should assume that the presentation (or any component thereof) serves as the receipt of, or a substitute for, personalized advice from Lucia Capital Group or from any other investment professional.

IRA withdrawals will be taxed at ordinary income rates. Withdrawals prior to age 59½ may also be subject to a 10% penalty tax.

Rick Plum is a registered representative with, and securities and advisory services offered through LPL Financial, a registered investment advisor and member FINRA/SIPC. The investment professionals are affiliated with LPL Financial and are conducting business using the name Lucia Capital Group, a separate entity from LPL Financial.

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