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Old 05-12-2015, 04:01 PM
 
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I do not plan on "hitting up" my Standard IRA's or 401K until I am forced to at 70.5 living off other funds. What % of my IRA and 401K's funds will be the first years mandatory withdrawal?
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Old 05-12-2015, 05:03 PM
 
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http://www.irs.gov/Retirement-Plans/...ibutions-(RMDs)

http://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf
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Old 05-12-2015, 06:15 PM
 
Location: Florida
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Look at your tax rate as it might pay to take a little earlier. Also can you do a ROTH conversion?
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Old 05-12-2015, 06:25 PM
 
Location: Los Angeles area
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Mandatory withdrawal. I thought that's what Joseph Stalin's parents should have done well before World War II.
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Old 05-12-2015, 06:25 PM
 
Location: Florida -
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The average annual RMD rate seems to be around 5% of the total in IRA or other tax-deferred accounts ... against which one pays taxes at their standard tax-rate.

I've been unsuccessfully looking for ways to reduce the tax bite. Earlier withdrawals or Roth tax conversions seem to be the most popular alternative, but, it depends on where one stands in their tax bracket.
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Old 05-12-2015, 09:19 PM
 
Location: South Louisiana
467 posts, read 394,529 times
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I will talk to my tax guy about this sometimes this week but in the meantime, I have a question. I am retired with SS income and a part time job to keep me from getting bored. He told me if I did not make more that 20,000 this year, I would not have to file a tax return because my standard deductions will be more than that. So if I only made 5,000 for the year and took out say 12,000 out of my IRA, that would be 17,000 for the year, then I will not pay any tax on that withdrawal - - correct?
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Old 05-13-2015, 02:34 AM
 
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yes. ss is not taxed under 25k or so of provisional income and your standard deductions would eat up the rest. you do have to file though.
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Old 05-13-2015, 03:05 AM
 
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Quote:
Originally Posted by Escort Rider View Post
Mandatory withdrawal. I thought that's what Joseph Stalin's parents should have done well before World War II.
i asked the local honey at our bank what the penalty was for a premature withdrawal and she told me i wouldn't get a 2nd date.
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Old 05-13-2015, 06:12 AM
 
29,774 posts, read 34,856,103 times
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Quote:
Originally Posted by mathjak107 View Post
i asked the local honey at our bank what the penalty was for a premature withdrawal and she told me i wouldn't get a 2nd date.
When is your next date?
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Old 05-13-2015, 07:43 AM
 
71,511 posts, read 71,674,131 times
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she said she would like to get me alone ... or was it a loan . ha ha ha
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