Retirement & Eldercare

Plan Ahead to Minimize Taxes on IRA Withdrawals

5/12/2015

Having an IRA or other qualified retirement account can make all the difference in your comfort and ability to pay your expenses during your retirement, but there are things that you need to know about taking money out of those accounts in order to minimize or even avoid taxes on the distributions you take. The more you educate yourself now, the more of your money you'll be able to keep for yourself.

Taking distributions before the age of 59 ½ may put cash in your hands, but it also puts you in a position to pay ten percent in early withdrawal penalties, and in some situations you may be required to pay state penalties too. On top of that, unless the distribution you take falls into the category of a substantially equal payment exemption, you may have to pay income tax on the monies your receive. The substantially equal payment exemption allows a person who retires early to take a payment once a year as long as the amount that is withdrawn is roughly the same every year over the course of the owner life or the lives of the owner and the person that they have designated as their beneficiary. This exception requires that payments continue for at least five years from the date of the first payment and until the owner turns 59 ½.
Taking distributions between the age of 59 ½ and 70 is allowed, and the distributions can be for any amount up until the time that the owner reaches the age of 70 ½. This allows the owner to devise a strategy that will allow the distributions that they take during those years to have minimal tax impact.
Taking distributions every year after the age of 70 ½ is a requirement for traditional IRAs, and there is an established minimum amount that must be taken. Failing to take this distribution by April 1st of the year after reaching the age of 70 ½ results in a penalty, and if the owner waits until that point then they must take two distributions that year (one for the year in which they hit the target age, and one for the year in which it is taken). Taking less than the minimum required distribution in a year subjects the owner to an excise tax called the excess accumulation penalty, and it is a significant amount - 50 percent. It is possible for those who fail to take out the minimum amount to follow IRS procedures to have this penalty abated.

There are a number of different types of IRAs and qualified retirement plans, and it is not uncommon for taxpayers to have multiple accounts. Many question whether they are required to take the required distributions for each accounts they own, and the answer is that they do not have to take a distribution from every account, but they do have to take a distribution from at least one account for each type of plan. Taxpayers can have more than one account of the same type, and the IRS considers all accounts of a single type a single account.

The table below is a minimum distribution table that allows taxpayers to determine the minimum distribution amount that they are required to take each year once they reach the age of 70 ½. That number is calculated by adding the value of all of the IRA accounts and then dividing by a factor that is based on the owner's age.

It is important to remember that the amount of money that remains in your IRA accounts is included in the value of your gross estate when you die, and that means that your estate may end up having to pay inheritance taxes if you haven't planned your distributions wisely, and your beneficiaries may be taxed as well. It makes more sense to use the funds that are in your IRA to support you during your retirement before liquidating any other assets, though the monies that are in your IRA do have the advantage of accumulating without being subject to taxes.

For more information on how to best leverage the money in your IRA accounts, as well as when the best time is to start taking distributions, call the Tampa tax experts at National Income Tax & Accounting. You can reach us at (727) 345-7790.

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Tom Gargiulo, E.A.

Tom Gargiulo, E.A. is a tand Quickbooks accounting professional based in St. Petersburg, Florida. Tom is a Member of the National Society of Tax Professionals and has been Enrolled to Practice before I.R.S. since 1986. Specializing in Quickbooks Accounting, Consulting and Training, he has many QuickBooks certifications. National Tax, Accounting & Financial is a family business started over 25 years ago. If you could summarize our firm in one word, it would be "personalization". Our firm gets to know our clients as people and uses our personalized service to best meet their needs in all facets of our business. This translates into savings for our clients. We bring unique solutions to complex problems by applying years of experience and the latest technologies. We can assist you with your tax preparation and accounting needs.

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Plan Ahead to Minimize Taxes on IRA Withdrawals

Tom Gargiulo, E.A.

In the face of economic uncertainty, TaxBuzz is the industry's most up-to-date tax information.

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Request a Consultation with Tom Gargiulo, E.A.

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