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The IRS Just Updated the Required Minimum Distribution (RMD) Rules. 3 Things Everyone Needs to Know. ... for 2021 through 2024 but said it will start enforcing RMDs for inherited IRAs starting in ...
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.
If you’ve reached age 72, you must take RMDs. Use this table as a guide.
Under the 5-year rule, the entire account balance must be withdrawn over a 5-year period. The rule does not require a certain amount each year, or an even division between the five years. However, with the 5-year distribution method, the entire remaining balance becomes a required distribution in the fifth 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 ...
To make matters worse, the required minimum distribution rules have undergone a lot of changes in recent years. In 2024 alone, there were five major rule changes you need to know about before the ...