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Pennsylvania Asset Protection & Estate Planning Blog Will & Trust Attorney Blog For Unruh, Turner, Burke & Frees
TAXES and News
More IRA Tax Relief From The IRS for Those Over 70 with Required Minimum Distributions
If you are over fifty nine and a half, you can begin to take distributions from your IRA without penalty. However, once you reach 70 1/2 years of age, you must begin to take mandatory minimum distributions called Required Minimum Distributions (RMD). A required minimum distribution (RMD) is the smallest amount that must be withdrawn from an IRA beginning in that year that you turn 70 1/2. As many of you may know, in 2008, Congress waived the RMD rule for the year 2009.This change in the law was meant to provide some relief for IRA account owners who had lost substantial value in their IRA investments. However, many taxpayers unintentionally took their RMD’s and were not aware of the suspension for 2009.
In such cases, you would normally, have only 60 days to roll the money over back into your retirement plan and if you waited more than 60 days you would not be permitted to return the funds to the plan.
The good news is that the IRS just issued Notice 2009-82 which allows those who have already received a 2009 RMDs this year and missed the 60 day rollover mark to roll the money back their IRA accounts.
This new rule temporarily allows individuals until the later of Nov. 30, 2009, or 60 days after the date the distribution was received, to roll over the distribution. It is important to note that the 1 rollover per 12 month period rule continues to apply.
Thanks to Doug McGray of Ion Advisors for this bit of important news.
David M. Frees III, Esquire
Unruh, Turner, Burke and Frees
Offices in Malvern, Phoenixville, and West Chester
Serving Chester County, Montgomery County, Deleware County,
Philadelphia, Berks, Buck, and Lancaster Counties
610-933-8069
David M. Frees III is Chairman of the Trust, Estates, and Wealth Preservation section of Unruh, Turner Burke and Frees with offices serving all of South Eastern Pennsylvania including Chester County, Montgomery County, Berks and Bucks counties, Philadelphia and Lancaster counties including Malvern, Phoenixville, West Chester, Devon, Berwyn, Chester Springs, Doylestown, Kennet, and many more communities.
David Frees is rated highly by Martidale.com and has attained the highest rating by AVVO. His rating of 10 (Superb) on a scale of 1-10 and client and lawyer reviews be viewed here.
You can schedule a consultation in person, or by phone with David Frees through his assistants/paralegals Donna, Denise, and Tara at 610-933-8069.
David can also be reached by email at dfrees@utbf.com
Please note, however, that David meets with many clients each week and in order to give them his full attention, he is not always availble to reply immediatly to cell phone or email requests. However, immediate assistance can always be reached through 610-933-8069.
David Frees is a prolific author on legal topics and in addition to the articles and blogs featured on this site, please feel free to view his postings at http://www.utbf.com/trust-estate
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Phoenixville, PA 19460
Phone: (610) 933-8069
Fax: (610) 240-9323
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Malvern
116 E. King St.
Malvern, PA 19355
Phone: (610) 240-0750
Fax: 610-240-9323
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17 W. Gay St.
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West Chester, PA 19381
Phone: (610) 933-8069
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Get Directions
Offices
Offices
Phoenixville
120 Gay St.
Phoenixville, PA 19460
Phone: (610) 933-8069
Fax: (610) 240-9323
Regular Business Hours
Malvern
116 E. King St.
Malvern, PA 19355
Phone: (610) 240-0750
Fax: 610-240-9323
By Appointment
West Chester
17 W. Gay St.
P.O. Box 515
West Chester, PA 19381
Phone: (610) 933-8069
Fax: 610-240-9323
See David by Appointment call 610-933-8069 For David Frees
