Suspended RMDs for 2009

2009 will bring about some tax relief for those who are age 70.5 and older who are required to take money out of retirement accounts. On December 12, Congress approved legislation that includes a one-year suspension of the required minimum distributions for 2009 for taxpayers who are 70.5 and older. Requirements for 2008 remain unchanged. The legislation, H.R. 7327, the Worker, Retiree, and Employer Recovery Act of 2008 <http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=110_cong_bills&docid=f:h7327eh.txt.pdf> , passed both the House and Senate and is awaiting signature by the President.