RMDs are taxable income and may be subject to penalties if not timely taken. Required minimum distributions, or RMDs, are amounts that many retirement plan and IRA account owners must withdraw each year. WASHINGTON - The Internal Revenue Service today reminded people born before 1951 of the year-end deadlines to take required minimum distributions (RMDs) from funds held in individual retirement arrangements (IRAs) and other retirement plans, and noted new requirements under the law beginning in 2023.
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