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How to Plan for RMD Taxes
Manage episode 473515325 series 3410802
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If you have a retirement account, one day you will face Required Minimum Distributions. And the sooner you plan for these the better it will be for your taxes! In this episode, we walk you through how RMDs work, how to plan for them in advance, and how all this works for inherited accounts as well!
We are Financial Design Studio: Michelle, Steve, Rob, and Trevore…We have a passion for helping others reach financial success. Part of our job is to teach you about money, so you can make educated financial choices!
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(Disclaimer : This podcast should not be taken as financial advice and Financial Design Studio accepts no responsibility for your individual actions or choices. For our full disclaimer, check out our podcast description.)
Chapters
1. How to Plan for RMD Taxes (00:00:00)
2. Required Minimum Distributions explained (00:01:37)
3. How RMDs work for inherited accounts (00:13:45)
4. How RMDs affect your taxes (00:20:05)
5. Ways to plan for RMDs (00:24:08)
6. Deeper dive on Roth Conversions (00:30:55)
7. Deeper dive on Qualified Charitable Distributions (00:36:49)
8. Deeper dive on Timing and Early Withdrawals (00:46:41)
9. How to use your RMDs once they are yours (00:49:37)
10. Closing thoughts (00:55:46)
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