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Required Minimum Distributions (RMDs) · Money In Motion with Klaas Financial

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This is money in Motion with Class Financial, a fun and informative show designed
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to help you get answers to all your retirement questions in one place. And
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our phone lines are open right now for you if you've got a question for
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our retirement planning professionals from Class Financial love to get you on the air this
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week. Our telephone numbers six oh eight three two one thirteen ten. That's
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six oh eight three two one thirteen ten gets you on the air the retirement
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planning professionals Cjkloss and Malia Quavis as mentioned, of course, they come to
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us from Class Financial their website coss financial dot com. That's Klaas Financial dot
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com. Great website to learn more about Class Financial and of course sign up
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Can you can subscribe right online classfinancial dot com and their telephone number six O
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eight four four two five six three seven. No charge for that. Get
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to know your appointment dech Class Financial. It will be complimentary to you again.
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They're telephone number six oh eight four four two five six three seven,
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and you get out on the air this morning six oh eight three two one
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thirteen ten. That's six oh eight three two one thirteen ten joining us this
1:21
morning, our mister Sunset Boulevard CJ Class CJ. Are you ready for your
1:25
close up? My friend? I'm seeing you on the TV these days.
1:30
Yes, I'm also show Y's good to have you along, my friend.
1:33
And Melia Quavis. How you doing, Melia, I'm doing very well.
1:38
Mayor pre Bowls? Yeah right, yes, people everywhere, just everywhere,
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Yes, exactly. We've got a great show I had this week with a
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lot of really really good information as we're getting into December, of course,
1:51
looking at deadlines and end of year deadlines, and we'll talk about things like
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rmds and other areas as well this morning as we talk with CJ and Malia.
2:00
Important thing to remember is, of course, the telephone number to get
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on the air three two one thirteen ten. Their website Classfinancial dot Com and
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their telephone number six so eight four four two five six three seven come up
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a little later in the program. You also want to use that number because
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we'll do the class Quiz question Leak a chance for you to win a fantastic
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gift a twenty five dollars gift card to Best Buy from our friends at Class
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Financial. If you correctly answer the class Quiz question Leak. We'll tell you
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the details on how you can win that a little bit later on in the
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program. Little tipt will listen closely to both throughout the show because both the
2:29
question and answer come up each week during the program. And before we get
2:31
rolling on this week's conversation, let's actually take a look back at last week's
2:36
class quiz question week get the question and answer there as well. Yes,
2:40
So we had a great conversation regarding gifting, how a lot of people are
2:44
thinking about gifting this time of the year, and so we had that discussion
2:47
last week. And if you didn't, if you didn't hear the question,
2:51
the question was in twenty twenty three, how much can you gift to another
2:54
person to stay within the annual federal gift tax exclusion? Was it fourteen thousand
3:00
or seventeen thousand per person. Congratulations to our winner, Rick of DeForest.
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He correctly answered seventeen thousand dollars per person. So listen carefully to today's question.
3:14
Great opportunity today again to win that fantastic price twenty five dollars gift card
3:17
to Best Buy with the class quiz question the week. As mentioned, we're
3:22
going to be talking for us year and deadlines, and I think probably an
3:25
important thing is deadlines is takeout or required minimum distributions? Correct, Yeah,
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this is This is the topic we bring up from time to time, especially
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since we're within about three weeks at the end of the year. So as
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always a quick education about required distributions also known as rmds and also known as
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mrd's, which is minimum required distributions. But a quick kind of just education
3:52
on this. So setting the stage about kind of how this works. Along
3:55
with the passing of the Secure Act, which was we call it Secure Act
3:59
one point zero back in back in December of twenty nineteen, I think it
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was, and then of course it went into Laws of twenty twenty and then
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of course as of the subsequent pack passing of Secure Act two point zero,
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which was passed on December twenty ninth of twenty twenty two, and then went
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into laws of twenty twenty three. Those two acts made some changes to when
4:24
require or to kind of the required minimum distribution rules and schedules. Remember that
4:29
rmds are designed to ensure that investments in your iras do not grow tax deferred
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forever. The IRS wants to begin receiving the associated taxes that have been deferred
4:39
on these accounts at some point. So without going into all the details of
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exactly what Secure Act one point oh did and what two point oh did,
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here's here's kind of the crux of it as of twenty twenty three. So
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the Secure Act passing at the end of two point oh passing at the end
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of twenty twenty two, that went into law in twenty twenty three, the
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IRS ad just at the age that most owners of iras must withdraw part of
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their tax deferred savings known as rmds each year after reaching the age of seventy
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three. Now, this is for people born between January first of nineteen fifty
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one and December thirty first of nineteen fifty nine. Now, some of you
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might be going, wait, wait, what if I was already drawing rmds
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by then. Well, obviously it doesn't impact you. And then people go,
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wait, wait, wait, what if I'm like CJ and my birthdays
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after nineteen fifty nine, Well, if you're after nineteen fifty nine, Secure
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Act two point zero says that your required minimum distribution aged is actually seventy five.
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But again for most people listening January first of fifty one to December thirty
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first of nineteen fifty nine, that new required minimum distribution age is now seventy
5:48
three. So hopefully that's helpful. Talk this morning with CJ, Class and
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Mole Equavis, our retirement planning professionals from Class Financial. The website Class financial
5:57
dot com that's klaas Financial dot com. Great website resource to learn more about
6:02
Class Financial their separate divisions. Get to know the team there online as well.
6:06
Also great opportunity to listen back to this in previous shows podcasts. All
6:10
at Clossfinancial dot com that's k l aas Financial dot com. They're telephone number
6:15
six oh eight four four two five six three seven. No charge for that
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initial get to know you appointment tech Loss Financial, it will be complimentary to
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you. Again their telephone number six oh eight four four two five, six
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three seven and to join us this morning with your question. All I got
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to just pick up phone gifts call now live on the air six oh eight
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three two one thirteen ten. That's six soh eight three two one thirteen ten.
6:35
Talk a little bit more about r MDCJ. There is a lot here,
6:39
isn't there There is? So here's some other highlights to be aware of.
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Specifically, your first required minimum distribution must must be taken by April first
6:48
following the year you turn age seventy three. Again, April first, the
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year following the year you turn age seventy three. That is known as your
6:58
RBD or your record fired beginning date. Now it's interesting because people go,
7:02
oh, so I don't actually have to take my required distribution in the year
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in which I turned seventy three. The answer is no, you could actually
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push it off till April first of the following year. The problem is that
7:15
every subsequent r and D has to be taken out by December thirty first of
7:19
each year. So if you track that logic, if you're going to push
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the first one out to that RBD of April first of the following year,
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it actually means you will have two that year, which is generally not advised.
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So people go, well, why do they even do this, and
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the answers, well, some people are retiring or stopping work, and so
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they want to wait for their income to go down in order to add the
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R and D. So there can be reasons, but generally speaking, we
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don't suggest you wait till April first of the following year unless your account suggests
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that you should. Now, of course, if you would draw less than
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your R and D, you may owe a penalty, and this penalty is
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varied over the years. We might talk about this a little bit more later.
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It used to be a more significant penalty, and with the passing of
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Secure Act two point zero, that's one of the concessions they made is to
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kind of loosen up the reins a little bit if you end up missing that
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R and D. But just remember you required minimum distribution is the minimum amount
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you must withdraw after reaching age seventy three, not the maximum. So if
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you are already drawing that amount out to meet your living needs, surprise surprise,
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there will be no change. You'll reach that magical age and nothing will
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happen. But just remember you can withdraw more than that minimum required amount at
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any time once you get over age fifty nine and a half. Talking this
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morning with CJ Colssimalia Equavis, i'll retirement finding professionals from Class Financial. If
8:43
you have questions, just love to have you join us this morning six oh
8:46
eight three two one thirteen ten. That's six oh eight three two one thirteen
8:50
ten. And of course you can learn more about Class Financial on their website
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class financial dot com that's klaas Financial dot com and their telephone number six oh
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eight four four two five six three seven no charge. That initial gets to
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know your point tech Class Financially. It will be complementary to you. And
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I know as we talk about numbers and things, there's oftentimes great tables and
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great resources out there as well to kind of look into this stuff, isn't
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there, CJ? There are? Yeah. So of course the question becomes,
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okay, I have this requirementium distribution that's seventy three. That's all fine
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and dandy, but what is this amount that you are referencing? And so
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that's where that's where you'll have to kind of know where to go. So
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the calculation of your requirementium distribution for any year is the account balance as of
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the end of the immediate preceding calendar year, and I should say the combined
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account balances of all pre tax retirement irras and then separately pre tax employer sponsored
9:48
plans as of December thirty first of the prior calendar year. And then you
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divide that by something called a divisor that is a distribution a table that's put
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out by the IRS. Now, the most common table is called the uniform
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lifetimetable. This table gives us our life expectancies, and a separate table is
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used if the sole beneficiary is the owner's spouse who is ten or more years
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younger than the owner. Now new life expectancy tables will be used for determining
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requirement of distribution or I'm sorry, the investor deck of lable. If you
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have a spouse who is ten years or more younger than you, then there's
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a separate table for you to use. But long story short, that's where
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that divisor will come into play. You take that value divided by that number
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and it comes out with an amount. By the way, for those who
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are going, oh my gosh, this sounds complicated, the amount begins around
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three point seven percent of all of those pretax retirement account balances. So if
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you've got a million dollars, that's, you know, thirty seven thousand dollars.
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If you've got one hundred thousand dollars, that's three thousand, seven hundred
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dollars. So it's not substantial, but the issue is it goes up a
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little bit every single year, and so you got to really kind of keep
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track of that or make sure your financial advisor is handling it for you.
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Very important stuff. This morning, as we talked with our retirement planning professionals
11:13
from Class Financial, CJ. Coss and Malia Wavis talk about the website class
11:18
financial dot com. I hope you've had a chance to stop by get to
11:20
know the folks at Coss Financial. Also sign up for that weekly market Paul's
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newsletter if you haven't yet this morning. Check it out when you get into
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work or when you get back home again. The website Coss Financial dot com.
11:31
That's k l aa S Financial dot com. There tell forh number six
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oh eight four four two five six three seven, No charge for that and
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you'll get to know your appointment tech Coss Financial. It will be complimentary to
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you again their number six oh eight four four two five six three seven.
11:43
And to get on the air this morning, give us a call six oh
11:46
eight three two one thirteen ten. That's six oh eight three two one thirteen
11:50
ten. We talk about r MDST talk about distributions and where that money is
11:54
coming from. We'll get the details from CGN Malia and take your call next
11:58
as Money in Motion with Coss Financial continues here on thirteen ten WIBA. This
12:07
is Money in Motion with Class Financial, a fun and informative show designed to
12:13
help you get answers to all your retirement questions in one place. Stucking with
12:16
our retirement fanning professionals this morning, Malia Quavis and CJ. Closs. Of
12:20
course, they come to us from Class Financial, the website class financial dot
12:24
com. That's k l Aasfinancial dot com. They're telephone number six oh eight
12:30
four four two five six three seven. No charge for financial gets know you
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appointment at Class Financial. It will be complementary to you again their number six
12:37
oh eight four four two five six three seven. And I'm gonna get on
12:41
the other this morning and get your question six oh eight three two one thirteen
12:43
ten. That's six oh eight three two one thirteen ten. So Malia,
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from what accounts we're talking about rmds, which ones do we need to be
12:50
looking at distribution from sure, so we're looking at those distribution rules there.
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They actually apply to any traditional ira. You may have any sap iras or
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simple iras. Also if you have old four to one K plans from prior
13:05
employers. Oftentimes people don't realize what they've left behind, and so you may
13:09
be currently working for a company, but those and you've now reached because a
13:15
lot of people don't want to retire, they just keep on working. You
13:18
may in fact have to start collecting those r and ds or having those distributed
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from those old four to one case, staying at your prior employers, staying
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with four oh three b's four fifty seven B plans off also any profit sharing
13:31
plans you might have had, and other defined contribution plans. Now, one
13:35
thing that has changed, which is quite interesting to us in the industry is
13:39
the rough accounts. So rough irays those still do not require withdrawals until after
13:46
the death of the owner, so there's no r and ds required on those
13:50
at this point. However, rough four to one case this is where it's
13:54
kind of things that are changing up so to speak. Those do actually require
14:00
r and ds up through all of twenty twenty three, and those rm ds
14:05
need to be taken out by April versa twenty twenty four. So for those
14:09
of you who understand what Wroth accounts are, obviously when those those moneys come
14:15
out, there's no taxes to be paid. But nobody likes to get pushed
14:20
with, you know, being told when to take their money out. But
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this is something that's changing. Beginning in twenty twenty four. R and ds
14:26
are no longer required to come out of the wroth flour one case, so
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that's a big change that is happening. Previously people would have to move the
14:35
wroth Flora one case into a roth ira in order to avoid being forced with
14:39
a distribution. This will change in twenty twenty four, but just a highlight
14:45
through twenty twenty three, rm ds are required if you are as of age,
14:50
So just for everyone to understand, those rules do apply to all those
14:54
accounts we're just mentioned that seems like something in and of itself, I could
14:56
probably do a whole very fascinating talking this morning with Malia Quavis and CJ.
15:03
Closs our retirement planning professionals from Class Financial DELPHA number for Class Financial six so
15:07
eight four four two five six three seven no charge for that initial gets to
15:11
know your appointment Tech Loss Financial. It is complementary to you and the website
15:15
Class financial dot com. That's k l a as Financial dot com, So
15:20
Malia. When we talk then about the amount of the required distribute distribution,
15:22
how it's calculated and exactly how does that that change every year, what the
15:26
folks need to know. Yeah, I think CG just covered that. So
15:30
that changes every single year according to the life Expectancy table. So you're going
15:35
you're going to want to be familiar with that and the percentage, how that's
15:39
calculated and looking at the account balance at the end of the year for all
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of those pre tax accounts. Now, something that you need to understand is
15:50
while the RMD calculation is computed separately for each of those iras, you can
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go ahead and just remove the R and D from one of the iras if
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you should choose to do so. So this is kind of confusing to people
16:08
because they might have multiple investments with different sponsors and they suddenly see, oh,
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you have an R and D do on this account, an R and
16:17
D do on that account. Oh, I have to take it pro rated,
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And that's actually not true. The IRS just cares that you do get
16:22
that money distributed from one of the accounts at least for the aggregate amount,
16:29
and that you pay taxes on it, So don't stress on that. And
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the other thing I'd just like to remind people is you do have the opportunity
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that very first year when you have to take your R and D out you've
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just turned you know, prehaps age seventy three this year, you do have
16:47
the opportunity to delay that first R and D up till April of the following
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year. And this is only you only get this this bite ass once.
16:56
But what that really means is then you're going to have to double up that
17:00
first year. So you really have to take a look at your income,
17:03
how that how that number might impact your overall income for the year, and
17:10
can withstand a double basically a double impact of additional income and is it going
17:17
to push you into the other tax brackets? So seriously look at that.
17:22
If in fact that's what you and your financial planner accountant decide to do.
17:26
One of the nice things about options is you can strategize, but you got
17:29
to have the knowledge and you got to make that plan. So we talked
17:32
this morning about our mds with Malia and CJ. Don't forget. If you've
17:36
got questions, you can call get you on the air six soh eight three
17:37
two one thirteen ten, or of course you can learn more online Coss Financial
17:41
dot com. That's k l aas Financial dot com. The telephe number for
17:45
the office right here in Madison, no charge for that. The initial gets
17:48
to know your ployment dech loss Financial. It will be complementary to you that
17:52
number six oh eight four four two five six three seven that's four four two
17:56
fifty six thirty seven. We'll contend you our conversation with CGN Malia and take
18:00
your call next as Money in Motion continues right here on thirteen ten wiv A.
18:10
This is Money in Motion with Class Financial, a fun and informative show
18:15
designed to help you get answers to all your retirement questions in one place,
18:18
talking with our retirement planning professionals from Class Financial, CJ Closs and Malia Quavis.
18:23
Learn more online their website Coss Financial dot com. That's k l aas
18:27
Financial dot Com the telephon number six so eight four four two five six three
18:32
seven no charge for the financial gets to know you appointment at COSS Financial.
18:34
It will be complementary to you. We are talking this week about RMD's required
18:41
minimum distributions and I know the IRS is very forgiving and they've got just giant
18:45
hearts and they understand people forget sometimes. What is the issue though, if
18:51
you do forget or neglect to take out your RMD for the year, and
18:53
what if you have that inherited IRA what do you what do you do there
18:57
with regards to your RMD. CJ. Yes, they are. They're super
19:02
forgiving and very generous. Now, truthfully, you know, Malia was talking
19:06
about one change there to the R and D rules for Roth four oh one
19:12
k plans as it relates to the passing of Secure Act two point zero.
19:15
And if anybody's listened to the show for any period of time and you listen
19:19
really closely, we've actually kind of poked at how this never made sense because
19:25
Roth iras did not have a required minimum distribution but Roth four to oh one
19:30
ks did and we just said we don't understand why and YadA yah. So
19:34
so the irs made a change through Secure Actor. I should say Congress made
19:38
a change through Secure Act two point oh saying that doesn't make sense, and
19:41
they cleaned it up. Truth be told, if you were to read the
19:45
provisions of Secure Act two point zero and even one point zero, most of
19:48
them make quite a bit of sense. It cleaned up a lot of the
19:51
small things that we were annoyances in the text code, one of those being
19:56
what if I miss an RMD. It seems so unreasonable in the way they
20:00
were doing it before, because most of the misses are are you due to
20:04
health issues or just I forgot or whatever it might be. And so now
20:07
if you fail to take your rm D by the deadline, there's only a
20:11
twenty five percent penalty on the amount of the shortfall. By the way,
20:15
that used to be fifty percent, and the penalty can be further reduced if
20:19
the tacticator takes the misdistribution in a short graide of time. If you miss
20:25
your R and D for the year, you should consult with your financial advisor
20:27
or your accountant. So there you go. You know, some encouragement here.
20:32
Securey two point zero made this a lot more reasonable. What about and
20:36
I know we've touched on this. It seems maybe probably a year ago we
20:40
probably touched on this aspect, but it's it's a really important one. Rmds
20:42
and charitable giving. What a folks need to know in that area. Yeah,
20:47
so good question, Sean. So, requirement ofum distributions can interact with
20:52
charitable giving via something called a qualified charitable distribution. Now, unfortunately, one
20:57
thing that Congress did not clan now through the passing of Secure Act two point
21:02
zero was the disconnect between when you first become eligible to perform qualified charitable distributions
21:10
and the age at which required minimum distributions begin. So we just got talking
21:14
about how through Secure Act two point zero, for most of our listeners,
21:18
if you're not already drawing rm ds, that RMD age is now seventy three,
21:22
and if you're born at nineteen sixty or later, then actually at seventy
21:26
five. But interestingly enough, qualified charitable distributions, which is when you can
21:32
take money out of your pre tax IRA and send it directly to a charity
21:37
without increasing your taxable income. That's the key, without actually having an acclaimant
21:42
as part of your taxable income that has stayed at age seventy and a half.
21:48
Now it is specifically seventy and a half. It's not the year in
21:51
which you turn seventy and a half. It is seventy and a half or
21:55
later. Are you sufficiently confused? But here's the idea if you actually connect
22:02
the concept, which again I don't know why they haven't connected these yet,
22:04
but they probably will eventually. If you connect the idea of hey, I
22:10
am being forced to pull money out of my pre tax IRA why because Uncle
22:15
Sam wants the tax money on that three point six percent of my balance that
22:19
I have to pull out. People go, well, that's not fair,
22:22
because if I don't need it, I don't want to have to pay the
22:26
income taxes on it. Well, here comes qcds. Qualify Charitable distributions actually
22:32
allow you to take that RMD money, apply it towards a qualified charitable distribution,
22:40
and believe it or not, it meets your minimum distribution requirement without adding
22:45
it to your taxical income. Now, a couple quick important points as it
22:51
relates to this. Number one, talk to your accountant about this, Talk
22:52
to your financial planner. There's a number of different rules you need to be
22:56
aware of. A couple other notes it needs to be a qualifying five to
23:00
one C three organization or a house of worship. It can't be just your
23:07
kids. They're not cherys to remember that. Also, donor advice funds cannot
23:11
receive this. We had a couple of people get smart with us and go,
23:14
oh, I've got a donor advice fund. I'll just do a QCD
23:17
from my IRA and to my DAF and then I can give it away later.
23:19
No, it doesn't work. Also, unlike conventional r and ds,
23:26
qcds are not subject to that ordinary income tax which I already mentioned before,
23:30
but where it gets tricky as it often does not show up as a line
23:33
item on your ten ninety nine. So here's what will happened. You'll do
23:37
a qualified charitable distribution, say for ten grand, you'll do another ten grand
23:42
out for your for the difference of what you want to pull out to yourself,
23:47
and then you get one ten ninety nine at the end of the year
23:49
that says you pulled out twenty thousand dollars. Your accountant doesn't know that half
23:53
of those were qualified charitable distributions unless you tell him or her. So it
23:59
is critic that if you're going to go down this path. You need to
24:02
recognize that it's it's fantastic you should be doing it, but you need to
24:07
keep track of how much of those distributions that came out of your IRA were
24:11
actually charitable donations versus how much came to you and real quick CJ two.
24:15
The process is obviously anytime we're dealing with taxes in the IRS, so process
24:19
of how this is handled is important as well, isn't it. Yeah,
24:23
it is. So again, you're going to want to be aware of the
24:26
timing of when you pull these distributions out, working with your accountant to on
24:30
can I do this, you know, up through the calendar year or through
24:33
tax time? And these are calendar year distributions. If you're going to get
24:38
into using donor advice funds, and you really need to bring in your financial
24:41
advisor or your accountant. But long story short, without getting too deep into
24:45
the leads here, this is a big win right when you think of it
24:48
kind of globally, Hey, if I don't need the money, if I've
24:52
been blessed throughout life, I've got a bunch of pre tax money. I'm
24:53
getting to seventy three, I have these required distributions and if I don't do
24:57
anything, it's just going to ad add to my taxicle incoming. I'm going
25:00
to get walloped with taxes. Well, what a neat provision that says,
25:06
good news. You can just send that money directly to a charity, meet
25:08
your minimum distribution and add no taxical income. What a blessing. What a
25:15
cool option that's out there. If you're not doing this right now, if
25:18
you're listening to this and you're going this is a new concept, please please,
25:22
please please talk to your accountant, because I'll bet your accountant will say,
25:26
yes, you should be doing this under most circumstances. Really great opportunity
25:30
if you are in that position. A lot of great information this week.
25:33
If you missed any part of the show, don't forget. You can always
25:36
listen back and subscribe to the podcast as well. At cossfinancial dot com.
25:38
That's k l Aasfinancial dot com. They're telling for number six soh eight four
25:44
four two five six three seven. No charge for that initial gets knowing you
25:47
appointment tech Loss Financial. It will be complimentary to you again. They're telephone
25:52
number six so eight four four two five six three seven. You're also going
25:55
to hold on too that telephone over because it's time now for the closs quiz
25:57
question of the week. It works like this, and just this moment,
26:00
I'll ask you the Class quiz Class the Week. You will then have thirty
26:02
minutes from today's program to call the Class Financial Office right here in Madison at
26:06
six oh eight four four two five six three seven. If you are the
26:08
first call correct dns who win this week's prize, which is a twenty five
26:12
dollars gift card to Best Buy. This week's closs quiz question the week is
26:17
this. What is the age that the IRS requires you to begin taking r
26:22
mds or REGI required minimum distributions from your pre tax retirement accounts? Is it
26:30
age seventy or age seventy three? Telephone number six oh eight four four two
26:34
five, six three seven. First call with correct answer win the twenty five
26:37
dollars gift card to best Buy. And again that's Class Financials Office right here
26:41
in Madison six oh eight four four two five six three seven. C.
26:45
J. Malea. It's always great chatting with you guys. Enjoy this beautiful
26:48
day. Thanks Chean, see yay, guys. Scott Chalmers in studio he
26:52
joins us next here I'm thirteen ten wu ibi. This is Money in Motion
27:02
with Coss Financial Asset Advisors, LLC, a registered investment advisor registered with the
27:07
SEC. The content of this show is for informational purposes only and should not
27:12
be considered individual investment advice. Class Financial does not offer tax or legal advice.
27:19
Any opinion offered during the course of this show is the opinion of that
27:22
particular investment advisor representative, and not necessarily the opinion of Coss Financial