Avoid a 50% Penalty and Tax by Calculating Your RMD Correctly for Your Inherited IRA in the 2022 Year-End.

Have you inherited an IRA? Did the person die before January 1, 2020? If so, a new required minimum distribution table has been published, making the calculations much more complicated. To ensure the RMD for your inherited account(s), we recommend getting in touch with your financial professional, so you don’t get penalized! Want to set up a meeting with Richard or Angela to discuss your RDMs? Schedule a free consultation now! Getting started is easy. Visit our calendar and pick a day and time that works for you. That’s it! Del Monte Group has been in business for over 35 years, cultivating relationships and building a family of lifelong clients just like you. If you need help navigating life challenges, are seeking smart, resourceful planning, or just want to find confidence and peace of mind, get in touch. We’re always here to help at 925.736.6410, Richard@APlaceOfPossibility.com, or Angela at Angela@APlaceOfPossibility.com. YOU’RE INVESTED, AND SO ARE WE™. If you’re looking for out-of-the-box financial wellness support that offers long-term success even while navigating life transitions and challenges, we’ve got your back. Get started by scheduling a 30-minute session with Richard or Angela today FREE INVESTMENT ANSWER E-BOOK Team DMG loves a good book, and that’s why we’re excited for the opportunity to present you with a FREE copy of the "Investment Answer" because we know it will change the way you look at investing for good. No, we didn’t write this book, but we believe it is a fantastic tool that every investor should have in his or her arsenal. Download your e-book here DID YOU KNOW? When Wealth Is Transferred from One Generation to the Next, 70% of the time, That Generation Loses the Wealth by the End of Their Lifetime? How does all of this happen? Lack of connection, communication, and preparation. Don’t let this happen to your family. Get your FREE copy of Richard's book: Endless Inheritance, and learn how to ensure your wealth will live on ARE YOU READY TO BECOME A BETTER INVESTOR? We’ve got you covered! Download a free copy of our e-book, Evidence-Based Investment Insights, and discover proven principles to help you maximize your financial growth Looking for speakers who can help navigate life transitions or help build a secure income plan for the next chapter in life? Richard Del Monte and Angela Wright have spoken at dozens of organizations in the greater Danville area and love to contribute valuable information. If you need customized wealth management insights broken down into simple, engaging content specifically for your group, get in touch today. Love what you hear on A Place of Possibility? We want to know! Please leave us a rating on Apple Podcasts. Tell us what you love and want to hear more of. We’re all ears. Find us online: Listen to all of our episodes at A Place of Possibility Podcast HQ: Facebook: Twitter: LinkedIn: Instagram: Discover Why Listeners Rely on Richard, Angela, and A Place of Possibility Podcast for a Lifetime of Financial Wellness Support. If You Have Questions, You'd Like Richard & Angela to Answer, Please Call 925.736.6410 or Email Us at Info@APlaceOfPossibility.com. Need legacy planning support? We’ve got you covered. For more information, visit APlaceOfPossibility.com/Family-And-Legacy or feel free to give us a call at 925.736.6410....(read more)

---

LEARN MORE ABOUT: IRA Accounts
TRANSFER IRA TO GOLD: Gold IRA Account
TRANSFER IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA

---

As we approach the year-end of 2022, it is important for those who have inherited an IRA to ensure they are calculating their required minimum distributions (RMDs) correctly. Failure to do so can result in a hefty penalty of 50% of the amount that should have been withdrawn, plus taxes. Inheriting an IRA may seem like a significant windfall, but it also comes with certain responsibilities. One of these responsibilities is to calculate and withdraw the RMD each year, starting from the year after the account owner’s death. The RMD is based on the beneficiary’s life expectancy and the value of the account at the end of the previous year. The penalty for not taking the RMD can be significant. For instance, if the RMD for a year is $10,000, the penalty for failing to withdraw the amount would be $5,000. This is in addition to the regular income tax that is due on the amount withdrawn. To avoid the penalty, it is crucial that the beneficiary calculates their RMD correctly. This involves determining the appropriate life expectancy and using it to calculate the RMD amount. Additionally, the account balance at the end of the previous year must be used as the starting point for the calculation. The good news is that there are resources available to help with these calculations. The IRS publishes a table that provides the life expectancy for different beneficiaries, and there are online calculators that can help with determining the RMD amount. It is also important to note that beneficiaries have the option to withdraw more than the RMD amount. However, doing so does not reduce the RMD requirement for the following year. There are some exceptions to the RMD requirement, such as when the beneficiary is the spouse of the account owner and chooses to treat the account as their own, or if the beneficiary is disabled or chronically ill. In these cases, the RMD requirement may be different or waived. In conclusion, if you have inherited an IRA, it is important to ensure that you are correctly calculating your RMDs to avoid penalties and taxes. Take advantage of the resources available and consult with a financial advisor if needed to ensure compliance with the rules and regulations surrounding inherited IRAs. https://inflationprotection.org/avoid-a-50-penalty-and-tax-by-calculating-your-rmd-correctly-for-your-inherited-ira-in-the-2022-year-end/?feed_id=85100&_unique_id=642eac70aaf90 #Inflation #Retirement #GoldIRA #Wealth #Investing #APlaceOfPossibility #Alamo #AngelaWright #APlaceOfPossibility #DaynaWilson #DelMonteGroup #DelMonteGroup #EndlessInheritance #EndOfLifePlanning #familywealth #FamilyWealthTransitions #FinancialPlanning #GoingfromWetoMe #heirs #inheritance #investing #Investments #ira #LifeTransition #money #PreparingHeirs #realestate #recession #retire #Retirement #RichardDelMonte #SavvySeniorsLiving #TransferofWealth #wealth #wealthmanagement #InheritedIRA #APlaceOfPossibility #Alamo #AngelaWright #APlaceOfPossibility #DaynaWilson #DelMonteGroup #DelMonteGroup #EndlessInheritance #EndOfLifePlanning #familywealth #FamilyWealthTransitions #FinancialPlanning #GoingfromWetoMe #heirs #inheritance #investing #Investments #ira #LifeTransition #money #PreparingHeirs #realestate #recession #retire #Retirement #RichardDelMonte #SavvySeniorsLiving #TransferofWealth #wealth #wealthmanagement