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Data source: IRS. Keep in mind you can delay your first required minimum distribution until April 1 of the following year. That said, your next distribution must come out by Dec. 31 of that year ...
For example, if you're turning 73 this year and you have a retirement account with a balance of $100,000 at the end of 2023, you'd divide $100,000 by the 26.5 distribution period for 73-year-olds ...
Required minimum distributions no longer apply to Roth 401(k)s If you decided to save in a Roth 401(k) instead of your employer's tax-deferred 401(k) option, you can breathe easy.
Knowing these important rules could save you a lot in taxes and fees.
The IRS waived the requirement for 2021 through 2024 (along with waiving RMD requirements for everyone in 2020). However, the IRS made an official ruling in July.
It's hard to believe, but we're just a few weeks away from 2025, and that means the clock is ticking on 2024 required minimum distributions (RMDs). They're required annual withdrawals most workers ...
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