satoshipacioli on Nostr: 📢 Reminder for retirees 73 and older: Don’t miss your year-end deadline for ...
📢 Reminder for retirees 73 and older: Don’t miss your year-end deadline for Required Minimum Distributions (RMDs)! Failing to take them on time can lead to hefty penalties.
Key Updates from the SECURE 2.0 Act:
• The age for starting RMDs has increased to 73.
• Roth 401(k) & 403(b) accounts are now exempt from RMDs starting in 2024.
What Happens if You Miss Your RMD?
• If you fail to take the full RMD, you could face a 25% penalty on the amount not withdrawn. This penalty drops to 10% if corrected within 2 years.
Qualified Charitable Distributions (QCDs):
• If you’re 70½ or older, you can donate up to $105,000 directly from your IRA to a charity.
• QCDs count toward your RMD and can help avoid taxes on the amount donated, allowing you to still claim the standard deduction.
Don’t wait—make sure your RMD is satisfied, or use a QCD to meet the requirement and save on taxes! For more details, visit www.IRS.gov.
Key Updates from the SECURE 2.0 Act:
• The age for starting RMDs has increased to 73.
• Roth 401(k) & 403(b) accounts are now exempt from RMDs starting in 2024.
What Happens if You Miss Your RMD?
• If you fail to take the full RMD, you could face a 25% penalty on the amount not withdrawn. This penalty drops to 10% if corrected within 2 years.
Qualified Charitable Distributions (QCDs):
• If you’re 70½ or older, you can donate up to $105,000 directly from your IRA to a charity.
• QCDs count toward your RMD and can help avoid taxes on the amount donated, allowing you to still claim the standard deduction.
Don’t wait—make sure your RMD is satisfied, or use a QCD to meet the requirement and save on taxes! For more details, visit www.IRS.gov.