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If you’ve reached age 72, you must take RMDs. Use this table as a guide.
The RMD on his traditional IRA is $10,000 this year. If John fails to withdraw that amount by April 1, 2025, he may be liable for a 25% excise tax, which means $2,500 (25% of the RMD amount).
For example, if you're 75 with a $100,000 IRA balance, you'd divide $100,000 by the 24.6 distribution period for 75-year-olds to get an RMD of $4,065. You can lump all your IRA RMDs together if ...
2. After-tax accounts don’t have RMDs. Since you make after-tax contributions to accounts like a Roth IRA and Roth 401(k), they’re not subject to RMDs. After 59.5, withdrawals of contributions ...
The penalties for taking an incorrect RMD can be steep. Knowing the rules is half the battle. ... And if you've inherited multiple IRAs from multiple people, you'll need to treat each one ...
IRA Required Minimum Distribution (RMD) Table for 2023 The age for withdrawing from retirement accounts was increased in 2020 to 72 from 70.5. The SECURE 2.0 Act, though, raised the age for RMDs ...