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In most cases, RMDs have to be completed before Dec. 31 each year, but there are exceptions to the rule. For instance, the first RMD can be delayed until April 1 of the following year.
There have been some big updates and rulings about RMDs in 2024 that you need to know before the end of the year. 5 Required Minimum Distribution (RMD) Rule Changes That Happened This Year Skip to ...
Image source: Getty Images. 1. Required minimum distributions no longer apply to Roth 401(k)s. If you decided to save in a Roth 401(k) instead of your employer's tax-deferred 401(k) option, you ...
A nonspouse IRA beneficiary must either begin distributions by the end of the year following the decedent's death (they can elect a "stretch" payout if they do this) or, if the decedent died before April 1 of the year after he/she would have been 72, [a] the beneficiary can follow the "5-year rule". The suspension of the RMD requirements for ...
Either way, John still has to take his $10,000 RMD and pay any related income taxes. 3. RMDs are generally due at the end of each year, and they are based on account balances.
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.
Knowing these important rules could save you a lot in taxes and fees.
RMDs for a given year must be taken by December 31 of that year, though you get more time the first year you are required to take an RMD. If you have questions about retirement income planning, a ...