EDITOR’S NOTE: Please note that the advice offered in this article from the Tennessee Baptist Foundation is not intended to be construed as tax, legal or accounting advice. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice for the reader. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
By Chris Kelly
Executive vice president, Tennessee Baptist Foundation
As we begin 2019, those persons who own an Individual Retirement Account (IRA) and have also reached age 70-and-half will begin getting notices from their IRA providers about their Required Minimum Distribution (RMD) for 2019. The RMD is the amount (calculated on the owner’s life expectancy) that the IRA owner must take out in 2019 in order to avoid a significant tax penalty of 50% of the RMD amount. [Read more…]