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Simple English definitions for legal terms

Required minimum distribution

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A quick definition of Required minimum distribution:

Required minimum distribution: When you save money in an Individual Retirement Account (IRA), you have to take out a certain amount of money every year once you reach a certain age. This is called the required minimum distribution or RMD. You can take out more than the minimum if you want, but you have to take out at least that much. The amount you take out is considered taxable income. The rules for RMDs are set by the government.

A more thorough explanation:

Required minimum distribution (RMD) is the smallest amount of money that a person must withdraw from their Individual Retirement Account (IRA) each year. This requirement starts when the person reaches either 70-and-a-half years of age or 72 years of age if their birthday falls after July 1, 2019. The RMD amount is considered taxable income.

For example, if a person has an IRA with a balance of $500,000 and they are required to take out a 4% RMD, they would need to withdraw $20,000 that year. However, they are allowed to take out more than the RMD if they choose.

The regulations for RMDs are established by Treasury Regulation § 1.401(a)(9). These regulations ensure that people do not keep their retirement savings in tax-advantaged accounts indefinitely and eventually pay taxes on the money they have saved.

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BulbasaurNoLikeCardio
10:13
I am worried a nose piercing would like mess with my cardio even though everyone says no
10:13
Oh shoot hm
10:13
Do you have Discord
но здравствуй да русский мой первый язык так что :)
10:13
Ахахахах ну давай, добавь меня бро
JumpySubsequentDolphin
10:13
@BulbasaurNoLikeCardio: I’m very confused how would that interfere
10:13
Ща кину свой ник
10:13
Ща кину свой ник
BulbasaurNoLikeCardio
10:14
@babycat: then it sounds like if you get them pierced itll just be a secrete to surprise your future boo with since thy wont be poking out of your shirt
10:14
@jackfrost11770: reynard1 на Дискорде
babycat
10:14
yeah but like is that worth it for me? prob not. I think I like them the way they are
BulbasaurNoLikeCardio
10:15
@JumpySubsequentDolphin: For nose piercing I am thinking the like middle of your nose with the ring kinda thing, think itll like restrict airflow
babycat
10:15
woah you got a word for discord in russian that’s crazy
спасибо 🫡
triplethread
10:15
@BulbasaurNoLikeCardio: My nose is pierced and I run like 10 miles a week im good haha
BulbasaurNoLikeCardio
10:16
@babycat: if you are happy with them they look perfect, and if they are as big as you say I am sure people will still be looking with or without the piercing so you will get attention either way
Dkk
10:16
Closest I get to Russian is Lazy Square's cartoons. Should watch them. All very short cus he is lazy. https://www.youtube.com/watch?v=sGBkneu30Aw
JumpySubsequentDolphin
10:16
@BulbasaurNoLikeCardio: ohhh you mean septum? I think septum is even less painful than a nostril piercing
warning my discord pfp is fun lol and also i haven't changed my username since high school because i didn't feel like it 😭
10:18
LMAO yeah you have a fun pfp
BulbasaurNoLikeCardio
10:20
Yes the septum, so they don't feel weird or mess with breathing/running at all even when flipped in? At limit
snow
10:23
its been a quiet morning so far
LSDFan
10:23
i have no hope for today
JumpySubsequentDolphin
10:24
idk about septums, i only have nostril pierced @bulb
triplethread
10:24
snow i think we will prob hear back from kent the week of dec 1st
10:24
Past 10am and ....nothing
JumpySubsequentDolphin
10:24
I think UCLA a wave today no?
babycat
10:24
🚑
What time have UCLA waves been at
Dkk
10:24
It's only 7:24 AM. We on the west coast control the time.
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