In addition to highlighting the changes brought about by the SECURE 2.0 Act, the Internal Revenue Service today reminded people 73 years of age and older of the deadline for taking required minimum distributions out of individual retirement accounts (IRAs) and other retirement plans.
Many owners of IRA accounts and retirement plans are required to take out required minimum distributions (RMDs) each year. If these withdrawals are not made on schedule, fines may apply as they represent taxable income. The new rules in the statute are explained in detail on the IRS’s retirement plan and IRA required minimum […]