IRS Directs Individuals 73 and Older to Fulfill IRA Withdrawal Requirements by Dec. 31"

[{"selector":"#anim-cb34b36a-2359-425f-91ad-81cb029d6b41","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-afea234e-80e2-44ba-976d-58802fe88461","keyframes":{"transform":["translate3d(-145.04503%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Gray Frame Corner stimuluscheckupdates.com

The IRS issued an important notice about Required Minimum Distributions (RMDs) from IRAs and retirement plans.

[{"selector":"#anim-dabca984-17da-4d4c-9e2d-6bcc9113e3f5","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-92373130-de56-4588-a61e-2551e759b27e","keyframes":{"transform":["translate3d(-121.88552%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-087dc0c1-3f8b-4262-9013-f325bd802fd1","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-28ed3901-f171-4afc-87a5-f82f76e205c5","keyframes":{"transform":["translate3d(-129.27928%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] stimuluscheckupdates.com

Individuals 73 and older must withdraw funds by December 31st.

[{"selector":"#anim-9a17f23f-2efb-455e-9c87-e36b93e41fea","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d3355aaa-c365-4435-a032-9fbeaa0190d3","keyframes":{"transform":["translate3d(-120.53873%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6dff89c9-9643-4cec-a97f-fb1fde41a7e1","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2cfad850-2f2c-4f2a-836f-63496adcf7c1","keyframes":{"transform":["translate3d(-129.27928%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] stimuluscheckupdates.com

This annual obligation applies to all IRA holders and retirement plan participants born before 1951 under current rules.

[{"selector":"#anim-35f469be-be92-4f36-8fc3-2480436301ac","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-16817c00-7e4a-4d70-a353-5c943ccffa73","keyframes":{"transform":["translate3d(-115.38462%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-577db75e-568f-4396-8db5-79ff53306c9e","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1cd2d886-5bb9-40ae-a002-4f873ca231c6","keyframes":{"transform":["translate3d(-131.98198%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] stimuluscheckupdates.com

Failure to take RMDs triggers a 50% tax penalty on the amount not withdrawn as required.

[{"selector":"#anim-1641a3b3-9369-4b59-9be9-8a5648025aa5","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bc6a0410-3625-402e-af1e-33bbc9268162","keyframes":{"transform":["translate3d(-118.95425%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-00c12c42-3d4f-42b3-82bf-6b8d3bc9a586","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-10598087-9740-40a8-a3a1-b1f3da28ec0c","keyframes":{"transform":["translate3d(-131.98198%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] stimuluscheckupdates.com

While the first RMD can be delayed until April 1, subsequent annual withdrawals must occur by December 31st.

[{"selector":"#anim-84aac1d2-1cc2-431f-b917-ea56118cd609","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1db64b2b-1447-4ac0-bb92-7c301efd9dde","keyframes":{"transform":["translate3d(-115.06411%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6c6393d1-c87e-4347-bb78-4de4bec6c489","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-da324488-58db-4918-b796-e725830ae1c3","keyframes":{"transform":["translate3d(-131.98198%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] stimuluscheckupdates.com

Additionally, the IRS highlighted that 2023 brings a legal change - the RMD age increases to 75.

[{"selector":"#anim-ae2c619d-0c26-432e-9f1d-e39e9d3e1ccd","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-352dcad0-3eac-4543-aea5-bc8faa5821fd","keyframes":{"transform":["translate3d(-115.06411%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-58fe7b16-e0a7-4a69-a02d-244b9a8ddacb","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4cf1e6f4-2ba2-4364-85f4-ee6a94786c94","keyframes":{"transform":["translate3d(-131.98198%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] stimuluscheckupdates.com

So fewer retirees will face this requirement in the future. Nonetheless, those currently 73 and above must comply by year-end 2022.

[{"selector":"#anim-861ef56a-3f2b-41a5-858f-ff4d46c29424","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-00864771-66f8-4194-ba05-7d6e63faccb0","keyframes":{"transform":["translate3d(-117.32027%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3532ad86-0da7-42d9-8338-c9bc6c389a65","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-81d56c7e-35bf-4bcb-af8a-94db735aab8e","keyframes":{"transform":["translate3d(-131.98198%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] stimuluscheckupdates.com

Consultation with tax and financial specialists is highly encouraged to understand RMD guidelines. Proper withdrawal planning enables meeting obligations while retaining account growth.

[{"selector":"#anim-04f79ea9-9488-4f0c-861d-654772560cad","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-32fb79a7-22dc-4581-894d-82429acd3e78","keyframes":{"transform":["translate3d(-117.32027%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-19abb72c-5b9a-4d00-b803-f9ab6598be49","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9543757b-f58b-4644-a31b-4b01628be7dc","keyframes":{"transform":["translate3d(-131.98198%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] stimuluscheckupdates.com

for Detailed Information

[{"selector":"#anim-771bf7e5-521c-45b5-80b2-4504a1c9912f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2b6b1202-4238-40aa-be74-19f6f1759f64","keyframes":{"transform":["translate3d(-119.06354%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-36c6de84-294b-4051-9c08-58c4356fdc18","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d97e0352-380c-451a-a934-14b25462bb0b","keyframes":{"transform":["translate3d(-118.72909%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1a28d590-3302-4418-8e69-5fd5b0be7c5e","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4faa2aa1-8f74-4f24-8a0c-dcc3b3804c5c","keyframes":{"transform":["translate3d(-116.05352%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] stimuluscheckupdates.com