The Internal Revenue Service (IRS) has reminded people born before 1951 to take the required minimum distributions (RMDs) from their retirement accounts by the end of 2023, while also highlighting a new change to the rule beginning this year.
RMDs refer to the amount that any individual with an employer-sponsored retirement plan or an IRA account is mandated to withdraw each year. If RMDs are not taken on time, the individual may be subject to penalties.
According to the old rules, RMDs are necessary once the plan participant reaches the age of 72. For individuals born before 1951, they must take the required minimum distributions beginning in 2023, the IRS said in a Dec. 20 press release. Such withdrawals must be made by Dec. 31. […]
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