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Frequently Asked Questions About Required Minimum Distributions
Manage episode 362932448 series 2815037
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Dentists often defer clinical and owner income into a 401(k), Profit Sharing Plan, or IRA during their peak practice years.
That's often a wise strategy to lower a dentist's lifetime tax bill.
But the IRS won't let a dentist avoid that tax bill forever. That's why its implemented something called Required Minimum Distributions beginning at a certain age.
If a dentist wants to play the long-term tax game to the best of their ability, it's critical they understand all the rules associated with RMD's.
In this episode Dentists, Puns, & Money, Shawn Terrell shares the 8 Most Frequently Asked Questions related to Required Minimum Distributions.
Listen to learn more about:
- The age at which RMD's begin.
- How to calculate your RMD.
- The penalty for NOT taking an RMD.
Find out more about how our firm helps dentists exiting clinical with tax planning and income optimization by visiting our website, which is dentistexit.com.
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To download a free copy of the 2023 Tax Reference Guide, click here.
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Website: dentistexit.com
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