Retirees: You may need to take required minimum distributions (RMDs) from retirement plans and IRAs by Dec. 31. Generally, RMDs are amounts that must be withdrawn annually from most retirement plan accounts and IRAs once an account owner turns 72 (there are exceptions). Prior law required individuals to start taking RMDs when they reached 70½. So, individuals who turned 70½ on or before June 30, 2019, must take an RMD by Dec. 31, 2021. Individuals who turn 72 in 2021 must take their first RMD by April 1, 2022. Not taking a required distribution, or not withdrawing enough, could mean a 50% tax on the amount not distributed. To learn more from the IRS: https://bit.ly/3Gt7QL9

How To Identify And Address Tax Audit Red Flags Before They Happen
Dealing with taxes can be like navigating a maze, especially if you're worried about a tax audit throwing a wrench in your plans. Nobody wants to face the stress and pressure of an audit, which is why understanding tax audit red flags is so important. These flags can...
0 Comments