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Is the participant of a 401k required to take money out of her account during her lifetime?
Yes. When you obtain the age of 70 1/2 years old, the IRS requires that you begin taking portions of your account balance depending on life expectancy. (This is referred to as your RMD or Required Minimum Distribution) Your plan's record keeper will typically send you notifications in the mail to let you know what you're required to take.
What else can I help you with?
How much money do you have to take out on IRA's after 70?
After turning 72, individuals are required to take minimum distributions from their Traditional IRA, known as Required Minimum Distributions (RMDs). The amount varies based on life expectancy and account balance, as calculated using IRS life expectancy tables. There is no RMD requirement for Roth IRAs during the account owner's lifetime, but beneficiaries must take distributions. Always consult a financial advisor for personalized guidance.
What are the implications of having a Health Savings Account (HSA) during a divorce?
Having a Health Savings Account (HSA) during a divorce can have implications on how the funds in the account are divided between the spouses. It is important to consider the ownership and contributions to the HSA during the marriage, as well as any agreements made during the divorce proceedings regarding the division of assets.
Was stock a name given to a bank account during the 1920's?
yes
What is the maximum account value that can be reported on the FBAR form when the exact amount is unknown?
The maximum account value that can be reported on the FBAR form when the exact amount is unknown is the highest value of the account during the year.
How to get a 1098 form for tax purposes?
To get a 1098 form for tax purposes, you can contact the financial institution or lender that you have a mortgage with. They are required to provide you with this form, which shows the amount of mortgage interest you paid during the year. You can also check your online account with the institution, as they may have the form available for download.
What was Juan Seuin famous for?
Juan Seguin (1806-1890) was an essential participant in the Texas Revolution. He served as a senator, judge, mayor, and Justice of the Peace during his lifetime.
Was Peter in Rome during his lifetime?
Yes, Peter was in Rome during his lifetime.
Did Moses have slaves during his lifetime?
Yes, according to the Bible, Moses did have slaves during his lifetime.
Did Samson drink wine during his lifetime"?
Yes, Samson drank wine during his lifetime.
Was there a war going on during Tycho Brahe's lifetime?
No there was not a war going on during Tycho Brahe's lifetime.
Was Peter ever in Rome during his lifetime?
Yes, according to tradition, Peter was in Rome during his lifetime.
Which world war was kaiser a major participant?
The Kaiser was the leader of Germany during WW1 (it means leader the same as Caesar and Czar), but he wasn't much of a participant.
Did Abraham have knowledge of Jesus during his lifetime"?
No, Abraham lived before the time of Jesus and did not have knowledge of him during his lifetime.
Did John the Baptist receive baptism during his lifetime"?
Yes, John the Baptist received baptism during his lifetime.
Did John the Baptist sin during his lifetime"?
John the Baptist is not recorded as having sinned during his lifetime in the Bible.
Did Howard Hughes drink milk during his lifetime"?
Yes, Howard Hughes drank milk during his lifetime.
The work of which scientist was largely ignored during his lifetime?
Mendel was the scientist that was largely ignored during his lifetime.
