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Avoid The Potential Negative Aspects Of The New Tax Laws And RMDs

New tax laws and recent changes to qualified retirement accounts and IRS mandated Required Minimum Distributions (RMDs) bring advantages and disadvantages. On the plus side, these changes give IRA accounts the opportunity to grow tax deferred longer. On the negative side, it will create larger RMD withdrawals that could affect taxes sand/or the premiums for Medicare coverages.

As of January 2022, the new law mandates taking RMD’s from qualified retirement accounts once you reach age 72. To make sure you stay on the positive side of these changes, it’s important to know how to make sure you are working with the most current, up-to-date information to avoid costly mistakes.

I’ve already had calls from several concerned clients with a range of questions wondering how to calculate their RMDs, how to deal with new Capital Gains tax rates, and more. Making errors could adversely affect your retirement and/or your heirs. As is always the case with the IRS, the changes are complex and the consequences of even the smallest mistake could be unforgiving.

If you have questions, you are not alone. Perhaps you’re wondering how the age change and the timing for the RMD withdrawals could affect you. It’s a good idea to give us a call and let’s discuss your questions and concerns and see how you can make the changes work in your favor.

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