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Can I avoid getting hit with double taxes on my first two required minimum distributions (RMDs)? I’ll turn 73 in January 2024. Do I have until April 1 2024 to take my first RMD?
So in the case of two 401(k)s, one with a $4,000 RMD and one with a $6,000 RMD, your only choice to avoid the penalty would be to withdraw at least $4,000 from the first and at least $6,000 from ...
Can I avoid getting hit with double taxes on my first two required minimum distributions (RMDs)? I'll turn 73 in January 2024. Do I have until April 1 2024 to take my first RMD? Or do I have until ...
The only exception is first-time RMDs may be postponed until April 1 of the following year. For example, someone that turns age 73 in 2024 must take their first RMD by April 1, 2025.
The 5-year rule does not apply if the decedent died after having started his/her required minimum distributions (generally if he/she died later than April 1 after reaching age 72 [a]). In that case, there is no 5-year rule, and the beneficiary takes distributions over the length of his/her own life expectancy or the remaining life expectancy ...
The first RMD from the plan is due the year after you retire, instead of the year after you turn 73. 2. You might not have to take an RMD on an inherited IRA this year
The first RMD isn't actually due until April 1 in the year after you turn 73. Waiting until the next year to take your first RMD may be a financial mistake, though. Your second RMD is still due by ...
The first RMD is due the year after you retire instead of the year after you turn 73. 2. Required minimum distributions no longer apply to Roth 401(k)s.
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277 W. Nationwide Blvd, Columbus, OH · Directions · (614) 227-5725