News
- Hilliard Lyons and Morgan Joseph Join in Equity Research Partnership
- No IRA Required Minimum Distributions For 2009
- Hilliard Lyons Research Analysts Lykins and Burks Win High Honors
- Hilliard Lyons Participates in Financing Downtown Arena
- Hilliard Lyons Serves as Advisor on the First Build America Bond Issue in Kentucky
No IRA Required Minimum Distributions For 2009
You may recall that the Worker, Retiree, and Employer Act of 2008 provides temporary waiver of Required Minimum Distributions (RMD) for IRA holders in 2009. Participants and beneficiaries typically subject to minimum distribution rules will not be required to take an RMD for the 2009 tax year.
The Internal Revenue Service (IRS) will not expect a minimum distribution amount for the 2009 calendar year. This applies both to RMDs during an IRA owner's lifetime as well as those applicable to beneficiaries after the owner’s death.
An individual who reached age 70½ prior to 2009 would normally be required to take his or her 2009 RMD no later than December 31, 2009. As a result of this legislation, that RMD will not have to be made. An individual who reaches age 70½ in 2009 would normally be required to take his or her first RMD on or before April 1, 2010. As a result of this legislation, no distribution is required for 2009, and thus there is no requirement that a distribution be made by April 1, 2010. However, in both cases, the individual will still be responsible for taking an RMD for the 2010 calendar year on or by December 31, 2010.
If you have a standing instruction for automatic processing for your RMD needs, please be aware that the distribution will take place unless we hear otherwise from you. If you wish not to receive an RMD under this provision and you have an automated processing order on your account, please contact your Financial Consultant before the distribution is scheduled to process.