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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.
If you try to take all of your 401(k) RMDs from a single account, you'll owe a penalty for the 401(k) you didn't withdraw any money from. 3. Thinking you still need to take Roth RMDs
Roth 401(k) plans and Roth 403(b) plans are no longer subject to RMD rules. Designated Roth accounts in 401(k) and 403(b) plans were subject to RMD rules in 2023, but that changed in 2024 due to ...
Required minimum distributions begin at 73, but you can choose to delay your first distribution Under the SECURE Act 2.0, the new required minimum distribution age is 73. This went into effect for ...
Image source: Getty Images. 1. RMDs apply to tax-deferred accounts like traditional IRAs and 401(k) plans. The government lets workers delayed tax payments on contributions made to certain account ...
If you decided to save in a Roth 401(k) instead of your employer's tax-deferred 401(k) option, you can breathe easy. You don't have to take an RMD from Roth accounts in your 401(k) anymore. The ...