Miss Your First RMD and the Penalty Is 25%. Here’s the April 1 “First Year” Trap that Catches People Every Year
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The post Miss Your First RMD and the Penalty Is 25%. Here’s the April 1 “First Year” Trap that Catches People Every Year appeared first on 24/7 Wall St..
If you own a traditional IRA, 401(k), 403(b), or any other pre-tax retirement account, the IRS has been patient with you for decades. That patience ends the year you turn 73. That’s when required minimum distributions, or RMDs, kick in, and the rulebook contains a quirk almost nobody explains until it’s too late: y
If you own a traditional IRA, 401(k), 403(b), or any other pre-tax retirement account, the IRS has been patient with you for decades. That patience ends the year you turn 73. That’s when required minimum distributions, or RMDs, kick in, and the rulebook contains a quirk almost nobody explains until it’s too late: y
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