Thursday, March 26, 2009

A waiver goodbye

Taxpayers that are in their retirement years are provided a small bit of relief for 2009 with regards to their IRA’s. According to the IRS there is a temporary waiver being offered of the required minimum distribution rules. Taxpayers are not required to take a minimum distribution from their traditional IRA. The waiver is available to IRA participants and beneficiaries.

The change means that taxpayers can take withdrawals a year later than the past. With the economy down, the change allows retired taxpayers to not dip into retirement funds after waving goodbye to the majority of the retirement income. There are additional details regarding the waiver, so be sure to speak to your professional tax advisor for details regarding eligibility.

Your Taxes N Synergy
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