Family Office Definition: Required Minimum Distributions
Required Minimum Distributions definition: Required minimum distributions are calculated (using fair market value and life expectancy) and applied to the owners of traditional, SEP, and SIMPLE IRAs at the age of 70 1/2 and any non-spouse beneficiaries of IRAs. Beginning at age 70 1/2, withdrawals are required annually from such IRAs and are subject to income taxes.
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