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More inherited IRAs are subject to RMDs. The Secure Act made some big changes to inherited IRAs after it passed in 2019. The biggest change was that most people inheriting an IRA in 2020 or later ...
The IRS waived the RMD requirement for inherited IRAs in the years 2021 through 2024 due to confusion about the new law. However, it made an official ruling that starting in 2025 the RMD rules ...
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.
Data source: IRS. Keep in mind you can delay your first required minimum distribution until April 1 of the following year. That said, your next distribution must come out by Dec. 31 of that year ...
Required minimum distributions (RMDs) are withdrawals you have to make from most retirement plans (excluding Roth IRAs). The age for withdrawing from retirement accounts was increased in 2020 to ...
Tax Talk addresses three questions from a reader regarding the required minimum distribution rules that apply to a regular IRA account.
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 if you haven't taken your 2024 RMD yet, you will have to take two RMDs this year -- one for 2024 and one for 2025. If you accidentally forget to take an RMD, it's important to act quickly.