When Congress established tax-favored retirement plans, they allowed taxpayers to take a tax deduction for the amount of their allowable contribution to the plans. But they also included a requirement for a portion of the funds to be distributed each year and be subject to income tax. Such a distribution is referred to as a minimum required distribution (RMD).
required minimum distributions
Important Tips to Begin the 2019 Tax Year right! It’s a good feeling to start off the 2019 tax year on the right foot. It not only gets you in the grove for growing your business, but it also helps you resist bad habits that try to creep up during the year. Individuals and small […]