In 2021, required minimum distributions (RMDs) will resume as they were before the pandemic. As part of the CARES Act, the requirement for older taxpayers to take RMDs from their retirement plans was waived for 2020. This was due to the anticipated drop in value for most investments as a result of the economic effects …
Retirement
70-1/2 Or Older? Avoid An IRS Penalty By Taking The Correct Retirement Plan Distribution
If you are age 70-1/2 or older and have a traditional IRA, a 401(k), or a SEP IRA, the tax law requires you to take at least a minimum amount – referred to as the required minimum distribution (RMD) – from those accounts each year. The tax code does not allow taxpayers to keep funds …
70-1/2 Or Older? Avoid An IRS Penalty By Taking The Correct Retirement Plan DistributionRead More
