Example of How RMD’s Work. Paying Taxes on Unneeded RMD’s? – Cravitz Financial & Insurance Solutions

Example of How RMD’s Work. Paying Taxes on Unneeded RMD’s?

In this video I show you an example of how required minimum distributions (RMD's) work. Many people have to take RMD's that don't actually need the income. Others need to take a larger RMD than they would want. Unfortunately, doing a great job of saving and accumulating large sums in pretax retirement accounts could lead to unwanted taxes in retirement. Not only do you have to pay income taxes on the IRA withdrawal, but it could also increase how much of your Social Security is subject to incomes taxes. Also it could increase how much you have to pay for Medicare. And if you are married, but your spouse passes away you lose a standard deduction. Also, you pay taxes based on the single tax table as opposed to married and filing jointly which is not as favorable from a tax standpoint.


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