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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 ...
The Secure 2.0 Act increased the RMD age from 72 to 73 starting in 2023 and then upped it again to 75 in 2033. However, this created an interesting problem for anyone born in 1959.
The Secure 2.0 Act increased the required minimum distribution age from 72 to 73 starting in 2023. Starting in 2033, the RMD age jumps to 75. But this creates a problem for anyone born in 1959.
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 ...
But it's a big misconception that your RMD has to be spent. The only requirement with RMDs is to get that money out of your IRA or 401(k). Beyond that, what you do with those funds is up to you.
The required minimum distribution is calculated by taking the account balance as of Dec. 31 of the previous year and dividing it by a life expectancy factor from the IRS.
An RMD is the amount you must withdraw from your retirement accounts annually starting at age 73. As of last year, the passage of the Secure 2.0 Act effectively raised the required minimum ...
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