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
#Iowa Housing Authority honors #creditunion's mortgage commitment #NewsNow http://t.co/97me6ziPFa
13 hours ago
Adams to Zimmerman: Don't let your name define your financial decisions via @ndn http://t.co/kPVgQaDFNo
16 hours ago
Calif. ride-sharing law protects #creditunion collateral #NewsNow #System http://t.co/kXAAmbQgKO
17 hours ago
New offices mean moving sale at @TheKCUA https://t.co/xaof5SJkmE
18 hours ago
Existing-home sales slump in August as cash purchases decline @REALTORS
19 hours ago
150x172_Annual Report 2013Unite for Good Share your Stories100 Million CU Memberships