Carl Shawver
12-16-2008, 09:17 PM
Here's a bit of good financial news for retirees who have reached the age where they are required to take a Minimum Annual Distribution from their IRA - and pay taxes on it; congress has suspended the requirement for 2009.
"Congress has approved legislation that will give relief to people over age 70 whose retirement portfolios have been hammered by the bear market. The bill will suspend the minimum-distribution rules that force withdrawals from 401(k) plans in 2009. The change doesn’t affect 2008 distributions, although there’s a chance the U.S. Treasury may yet take action on that front."
The full article is at http://retirementrevised.com/money/minimum-distribution-rules-for-401k-accounts-suspended-for-2009
"Congress has approved legislation that will give relief to people over age 70 whose retirement portfolios have been hammered by the bear market. The bill will suspend the minimum-distribution rules that force withdrawals from 401(k) plans in 2009. The change doesn’t affect 2008 distributions, although there’s a chance the U.S. Treasury may yet take action on that front."
The full article is at http://retirementrevised.com/money/minimum-distribution-rules-for-401k-accounts-suspended-for-2009