IRS reminds retirees April 1 is last day to start receiving money from IRAs and 401(k) plans
THe Internal Revenue Service It is important that retirees are informed about the April 1 deadline for receiving payment from various workplace retirement plans.
Payouts starting at retirement Individual retirement plans and 401(k-plans are typically made within one year. Retirees over 72 years old are protected by the rule that allows participants to workplace retirement plans to delay taking their required minimum distribution payments, known as RMD. the IRS announced Thursday.
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Only retirees who have received their first RMD must comply with this deadline. After that, future RMD payments must occur by December 31. This RMD is tax-deductible for 2022 to those who receive it by April 1. tax Report the year on your 2023 tax return.
The deadline is important for all retirees, including those who still own SIMPLE, traditional and SEP IRAs.
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