Avoid These 5 Common Required Minimum Distribution (RMD) Mistakes
A little confusion over something that's seemingly simple can end up taking a costly toll when not handled properly.
Do the ins and outs of required minimum distributions (RMDs) from individual retirement accounts (IRAs) have you feeling a bit overwhelmed? Maybe you're turning 73 years old this year and will soon be taking your first-ever required distribution from an IRA, and you want to make sure you get it right.
Don't panic! RMDs aren't as complicated as you might think. You've also got more resources and plenty of time to get it right. Just ask! Before doing anything RMD-related for tax year 2024, there are five easily avoidable mistakes you'll want to make sure you sidestep.
Required minimum distributions are taxable withdrawals from ordinary (non-Roth) IRAs that the Internal Revenue Service (IRS) forces you to take. If you've already retired, you've likely been making taxable withdrawals from your retirement savings anyway.
