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Form 5305 S Rev March SIMPLE Individual Retirement Trust Account

Form 5305 S Rev March SIMPLE Individual Retirement Trust Account

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Instructions and help about Form 5305 S Rev March SIMPLE Individual Retirement Trust Account

when you turn 73 if you have a traditional IRA a seep a simple a 401k or other retirement plan you have what's called an required minimum distribution it's an amount that the IRS requires you to take from your retirement account that is based on the balance in the account divided by your estimated annual you know lifetime left and there's an IRS standard table that they use to compute that it's taxed as ordinary income at your marginal income tax rate if you're a client of ours Diane will reach out to you at the beginning of the year to let you know what your rmd is for that year and you just let us know when you're ready to take it and we will handle the rest

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