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If you inherit an IRA or 401(k) and fail to take the RMD for the year of the account owner’s death, a 50% tax penalty applies. There’s an exception if the estate is named as the beneficiary of ...
If you inherit an IRA or 401(k) and fail to take the RMD for the year of the account owner’s death, a 50% tax penalty applies. There’s an exception if the estate is named as the beneficiary of ...
The deadline for 2024 required minimum distributions (RMDs) has passed for most seniors. But if you turned 73 last year, you actually have until April 1, 2025, to make your first RMD.
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.
There's only a few weeks left to take RMDs, and failing to do so could have devastating tax consequences.
Inheriting an IRA or 401(k) can add to your wealth but it can also bring some potential tax headaches. One tricky issue involves required minimum distributions or RMDs. IRA and 401(k) plan owners ...
Roll the inherited 401(k) directly into your own 401(k) or IRA: This choice gives the inherited money more time to grow. Regular 401(k) rules apply for withdrawals prior to retirement age, meaning ...
3. Workplace retirement plans have an RMD exception. If you have a retirement plan at work, such as a 401(k) or 403(b), there’s an important RMD exception.