Tuesday, December 23, 2008

Congress Suspends Minimum Distributions on IRAs for 2009

Congress has suspended minimal withdrawal requirements for those 70-1/2 on individual retirement accounts and 401ks for 2009. The President is expected to sign the legislation. Those who did not meet minimal withdrawal requirements based on their life expectancy (See IRS Pub. 590) would have been subject to an onerous 50% tax penalty. The relaxed requirements do not apply to 2008 withdrawals.

WSJ Story

No comments:

Post a Comment