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You don't have to take an RMD from Roth accounts in your 401(k) anymore. The new rule is part of the Secure 2.0 Act from 2022, but it didn't go into effect until 2024.
Say you have to take a $1,000 RMD from one IRA and a $6,000 RMD from another. You could take all $7,000 from one, $3,500 from each, or any combination you want as long as you withdraw at least ...
Overlooking RMDs on inherited IRAs. If you inherited an IRA after Dec. 31, 2019, from someone who was already taking required minimum distributions, you'll have to continue taking annual RMDs ...
The Secure 2.0 Act increased the RMD age from 72 to 73 starting in 2023 and then upped it again to 75 in 2033. However, this created an interesting problem for anyone born in 1959.
4. You can reduce your RMD by up to $105,000 ... Anyone born in 1959 will start taking RMDs at age 73. The Secure 2.0 Act increased the required minimum distribution age from 72 to 73 starting in ...
Knowing these important rules could save you a lot in taxes and fees. 3 New Required Minimum Distribution (RMD) Rules Everyone Must Know Before the End of 2024 Skip to main content
For example, if you're 75 and you had a $500,000 traditional IRA balance at the end of 2023, you'd divide the $500,000 by the 24.6 distribution period for a 75-year-old person, giving you an RMD ...
And, on the off-chance you're still working and contributing money to a 401(k) or similar workplace retirement plan, with some rare exceptions, these savings accounts aren't subject to RMD rules ...