SUMMARY: Understanding how to take Required Minimum Distributions (RMDs) from retirement accounts can seem complicated at first, particularly if a retiree holds more than one type of account (e.g., IRA, 401k). Understanding how to correctly make withdrawals is important for following IRS rules and avoiding hefty penalties that can arise when distribution deadlines are missed. While it can be tricky, RMDs need not be dreaded. Here are the fast facts every retiree needs when it comes to Required Minimum Distribution.
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Key Points:
- Beginning in the calendar year in which one turns 70½, account holders are required to make a minimum...
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