Who you, a Guru? After you read these 100 Retirement Planning tips, you'll be one. But we're looking to recruit a Guru to blog, write a 101 tip Retirement Planning book, and become a leader of this community.
Hot topics for both consumers and webmarketers on WebmasterRadio.FM
Every Wednesday, 4PM Eastern.
Q: Is the Minimum Required Distribution Tax-Free?
Answer(s) to this Question (
1 / 1
)
Is the Minimum Required Distribution of my 401k Tax Free?
When you reach the age of 70 ½ years old, you must take the required minimum distributions on your 401k plan. This money is taxable and must be reported as income when filing that year's Federal tax returns. Your Minimum Required Distributions may also be subject to state taxes as well. The minimum required distribution rate is calculated by dividing the adjusted market value of your tax-deferred retirement account as of December 31 of the prior year.
Founded in 2000, LifeTips offers fresh tips and advice to millions of readers. Become a Guru on a topic you're an expert in. Become a Sponsor and keep the tips flowing and traffic going to your website!