AboutWillard R. Brumbaugh, LUTCF Expertise I have answered many questions regarding 401ks, IRAs and annuities as well as life insurance.
I have been counselling against most Qualified Plans since 1994.
Experience Ranked in the top 5 in retirement catagories at Askme.com most of its last 2 1/2 years. Organizations I belong to:
National Association of Insurance and Financial Advisors-California
Inland Empire Estate Planning Council
Education/Credentials Life Underwriters Training Council Fellow
Question My husband turned seventy in October of 2008, I think his first distributions on his IRA would have been due this past April (2009) but then the president gave everyone a year of grace. When will my husband have to withdraw his distributions in 2010 and pay taxes on them?
Answer Dear Lee,
It looks like you have until April 2010 to start the withdrawals. But if this conforms to previous rules, he would have to take two RMD distributions in 2010. Unless you are in a high tax bracket, I don't see any advantage in postponing distributions.
However, depending on where he has the IRA, he may want to look at options as to what level of safety he may desire, and what products would conform to his level of risk tolerance.
