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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 ...
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 ...
If you inherited an IRA after Dec. 31, 2019, from someone who was already taking required minimum distributions, you'll have to continue taking annual RMDs until you empty the account. The IRS ...
RMDs are straightforward when you only have one or two retirement accounts. But they can quickly get complicated for those with multiple IRAs and 401(k)s. These two account types have different rules.
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).
Note that RMDs are based on an individual's retirement accounts, so you can't meet your spouse's RMD by taking an extra large QCD from your own IRA. If you're charitably inclined, a QCD is one of ...
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