Tax Update - Suspension of 2009 Required Minimum Distributions

Suspension of 2009 Required Minimum Distributions

On December 23, 2008 President Bush signed the “Worker, Retiree, and Employer Recovery Act of 2008.” One of the many provisions in the Act was the suspension of Individual Retirement Account Required Minimum Distributions (RMD) for 2009. The suspension also includes individuals withdrawing under the five-year method. The RMD suspension does not apply to taxpayers who reached 70 ½ in 2008 and have elected to delay the withdrawal until 2009. Please contact us for further information.

IRS CIRCULAR 230 DISCLOSURE: Pursuant to applicable federal regulations, we are required to inform you that any advice contained in this communication (including any attachments) is not intended to be used nor can it be used for purposes of: (1) avoiding tax penalties or (2) promoting, marketing or recommending to another party any transaction or matter addressed above.