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Submitted By: Cathy
Answered: July 23, 2013 8:30 am
Answered: July 23, 2013 8:30 am
All of my IRA is in stocks. How do I satisfy my RMD?
You can take distributions from your IRA to satisfy required minimum distributions (RMDs) in cash or in kind, meaning in stock. The option you use depends on what’s in your account and what you want to do with it. You don’t have to sell stock to meet your tax obligation, but be sure that if you’re taking stock, you use the market value of it to figure your RMD.
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Tax Glossary
Foreign tax credit
A credit for income taxes paid to a foreign country or U.S. possession. 401(k) plan. A deferred pay plan, authorized by Section 401(k) of the Internal Revenue Code, under which a percentage of an employee’s salary is withheld and placed in a savings account or the company’s profit-sharing plan. Income accumulates on the deferred amount until withdrawn by the employee at age 59?
