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2009 Minimum Required Distributions Suspended

Friday, 12 December 2008

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It looks like good news for those taxpayers who are 70 /12 and older. Congress approved legislation that includes a one year suspension of the RMD for 2009. It is expected the president will sign it shortly. In short, you will not need to take the required distribution from IRAs and employer provided qualified retirement plans that are defined contribution plans. The next required distribution will be required in 2010. This applies to employees, IRA owners and after-death distributions to beneficiaries.

The provision is effective for calendar years beginning after December 31, 2008. The provision does not apply to any required minimum distribution for 2008 that is permitted to be made in 2009 by reason of an individual's required beginning date being April 1, 2009.

If you have any questions, please be sure to contact us or your tax professional.

Sandy

About the author

Sandra Field, MBA, CFP®

Sandra Field, founder, of Asset Planning Inc. (API), is a Certified Financial Planner and has been an active professional in the financial services industry for over 23 years. She is recently named as one of nation's leading wealth mangers by Bloomberg "Wealth Manager" magazine.

A Southern California native, Sandra graduated from California State University Long Beach with a Bachelor of Science in Finance and from University of Southern California with a Masters in Business Administration.

Sandra is a member of NAPFA (National Association of Personal Financial Advisors) and the Financial Planning Association. Sandra has served on the board of directors for the Orange County Chapter of FPA. Well respected in the industry, she is a featured financial advisor for the LA Times "Money Makeovers" as well as for the "One On One" column in the Orange County Register. In addition, Sandra serves on the Mutual Fund Panel of Experts for the Orange County Register Newspaper. She is also an active member of the community, serving as past President of the Seal Beach Chamber of Commerce, past Vice President of Finance on the Board of Directors for the American Cancer Society, and past Business Advisor to the City of Seal Beach.

Last but not least, she is a featured speaker at many public and private functions such as AAII (American Association of Individual Investors), Cal State Univ. Long Beach, EWGA and USC. She recently spoke at the WISE (Women In Securities & Education) conference, conducting a live money makeover before 400 women.

Whether she is assisting clients to reach their retirement goals or selecting the right investments for clients, education is at the core of Sandra's philosophy. She emphasizes the importance of developing a relationship with and educating clients, placing the utmost importance on helping them reach their goals, whatever they may be.

Asset Planning, Inc Blog

2009 Minimum Required Distributions Suspended

About the author

Sandra Field, MBA, CFP®

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