News Now

Consumer
Nest eggs get a break--only for 2009
NEW YORK (1/14/09)--A new tax law gives some beleaguered investors a break from having to take required minimum withdrawals from their tax-deferred retirement accounts--but only for 2009 (The Wall Street Journal Dec. 26). Suspending required minimum distributions from traditional individual retirement accounts (IRAs) and 401(k)s allow you to leave your nest egg alone in 2009--if you can afford to--so you can recover some of your recent losses. Make sure you follow the rules:
* If you choose to take advantage of the new law, you must voluntarily request that the payment be suspended. * If you turned 70 ½ in 2008 and planned to take your first withdrawal by April 1 of this year, you’re not off the hook; you’re still bound by the rules effective for 2008 withdrawals. * Beneficiaries of inherited IRAs and retirement plan benefits also get the same limited reprieve--just for 2009--from receiving required minimum distributions (J.K.Lasser.com Dec. 22). * For required minimum distributions under the five-year rule, the five-year period is determined without regard to calendar year 2009. For example, if the person died in 2007, the end of the five-year period is 2013 instead of 2012.
Contact your provider and ask about the requirement to waive the 2009 amount. If you don’t take any action, you’ll continue to receive the distribution.
Other Resources

RSS print
News Now LiveWire
NCUA re-schedules start of tomorrow's closed meeting to 9 a.m. ET. Open meeting still at 10 a.m. ET.
13 hours ago
.@lisamurkowski @SenatorEnzi @SenJohnBarrasso are latest to weigh in on NCUA risk-based capital proposal. See #NewsNow tomorrow for more
13 hours ago
Now up on News Now: Fed stays course on taper, interest rates http://t.co/6DntsW58vA
16 hours ago
Positive performance indicators and the potential for rising interest rates in @TheNCUA 's latest economic update. http://t.co/yptPbIGvnU
18 hours ago
The @CFPB has launched a nationwide effort to provide financial education. http://t.co/sF3FXHpv3k
19 hours ago
150x172_Annual Report 2013Unite for Good Share your StoriesData-Breach-150x172.jpg