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Required Minimum Distributions (RMDs)
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 | When Must RMDs Be Taken? Your first required distribution from an IRA or retirement plan is for the year you reach age 72. However, you have some flexibility as to when you actually have to take this first-year distribution. | More Details |
 | What If You Fail to Take RMDs As Required? You can always withdraw more than you are required to from your IRAs and retirement
plans. However, if you fail to take at least the RMD for any year (or if you
take it too late),
you will be subject to a federal penalty. The penalty is a 50% excise tax
on the amount by which the RMD exceeds the distributions actually made to you during
the taxable year.
| More Details |
 | Inherited IRAs and Retirement Plans Your RMDs from your IRA or plan will cease after your death, but your non-spouse designated beneficiaries will then typically be required to liquidate the account within 10 years. A spouse beneficiary may generally roll over an inherited IRA or plan account into an IRA in the spouse's own name. | More Details |
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IMPORTANT DISCLOSURES
Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, legal, or retirement advice or recommendations. The information presented here is not specific to any individual's personal circumstances.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
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Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2023. |
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