Date: December 22, 2023Attorney: Martin D. Hauptman
As 2023 approaches, the IRS is reminding individuals born before 1951 to meet the year-end deadline for required minimum distributions (RMDs) from IRAs and retirement plans. The recently enacted Secure 2.0 Act brings changes, including raising the RMD age requirement from 72 to 73 for 2023.
Key Points:
- Year-End Deadline: Individuals aged 73 and older must complete RMDs by December 31 to avoid penalties and tax implications.
- Secure 2.0 Act Impact: The age to start RMDs has increased to 73, affecting those born in 1951, who must receive their first RMD by April 1, 2025.
- New Requirements in 2023: Additional legal requirements in 2023 may impact retirement planning. Stay informed to make prudent financial decisions.
Steps to Take:
- Review Holdings: Evaluate retirement account funds to determine RMD amounts.
- Consult Advisors: Seek guidance from financial or tax professionals.
- Meet Deadline: Complete RMDs by December 31 for tax compliance.
- Stay Informed: Keep abreast of tax laws and retirement regulations.
Heeding the IRS reminder and understanding Secure 2.0 Act changes is crucial for those aged 73 and older. By taking proactive steps and staying informed, individuals can navigate RMD obligations with confidence.
For more information and tax guidance you can reach Martin D. Hauptman at (973) 243-7912 or mhauptman@mblawfirm.com