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Current tax law specifies that once you reach age 70-1/2 you must begin making taxable withdrawals from your IRAs and many other retirement plans. These minimum distributions are calculated annually based on your age, plan balance at the end of the previous year, marital status and spouse's age. If you do not meet the annual minimum distribution, you may be subject to a 50% penalty on your underpayment, plus ordinary income tax as the funds are withdrawn.
Serving the Hickory and Catawba County area for over 40 years, we offer a broad range of services for business owners, executives,
and independent professionals.
We are affordable, experienced, and friendly.
Please call us today at (828) 327-6868. We'll be happy to offer you a free initial consultation. Thanks for visiting!