IRS details required minimum distributions for $250,000 retirement accounts
Updated
Updated · CBS New York · May 6
IRS details required minimum distributions for $250,000 retirement accounts
11 articles · Updated · CBS New York · May 6
At age 73, retirees generally must withdraw about $9,434 annually, rising to roughly $10,163 at 75 and $12,376 at 80 under IRS life-expectancy tables.
The withdrawals apply to traditional IRAs and 401(k)s, are taxed as ordinary income, and can raise tax brackets, increase taxable Social Security benefits or affect Medicare premiums.
Missing the required amount can trigger penalties of up to 25%, while IRA withdrawals may be aggregated but 401(k) distributions usually must be taken separately from each plan.
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