2010 may be a good time to take more out of IRAs

10/25/2010 | Bloomberg

Taxpayers making mandatory IRA withdrawals may want to consider taking out more than is required before the end of the year because the tax rates may increase next year. The government eliminated minimum withdrawals for the 2009 tax year, but mandatory withdrawals returned in 2010 as the U.S. economy improved. The mandatory distributions are usually required for those with tax-deferred traditional IRAs who are 70½ years old or older or taxpayers who inherited an IRA from a parent or spouse.

View Full Article in:

Bloomberg

Published in Brief: