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News

Tuesday December 18, 2018

Exciting events are happening at United Way of Central Indiana
Our News
Thank you for your interest in United Way of Central Indiana. Our hope is to serve you and your family with helpful information.
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Have You Checked Your Social Security Statement for Errors?
Savvy Living
I have heard that Social Security sometimes makes mistakes on our earnings records, which can reduce our monthly...
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Required IRA Distributions by December 31
Washington News
In IR-2018-248, the Service reminded retirees born before July 1, 1948 that most IRA owners will take an IRA required minimum distribution (RMD) by December 31, 2018. Generally, traditional IRA, traditional 401(k), 403(b) and other qualified plan owners must take an RMD the year they reach age 70½. For 2018, this rule applies to IRA owners born between July 1, 1947 and June 30, 1948. Normally, RMDs must be taken by December 31. The RMD is calculated using the IRS Uniform Table (with an exception for couples with one spouse more than ten years younger than the other) and is about 3.77% of the account balance on the prior December 31st. The typical RMD increases each year from about 3.77% at age 71 to 5.35% at age 80 and 8.77% at age 90. IRA and other qualified plan owners born between July 1, 1947 and June 30, 1948 may take their initial RMD by December 31, 2018 or delay the distribution until April 1, 2019. However, all future RMDs must be taken by December 31 each year. Therefore, delaying the first RMD will result in two RMDs in 2019, which may lead to a significant increase in taxes. To save income tax, most of these IRA owners will take their first distribution in 2018 and the second distribution in 2019. The RMD applies to traditional IRA and 401(k) plans, as well...
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How to Fund Your Living Trust
Personal Planner
A revocable living trust is one of the principal estate planning methods. While everyone should have a will, there are...
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