IRS Issues Reminder on Mandatory Retirement Plan Withdrawals

With year-end just around the corner, the IRS is reminding taxpayers to be aware of upcoming deadlines for required minimum distributions. The deadline for most withdrawals is Dec. 31, 2022.

Your goal when setting up a retirement account is generally to minimize the tax consequences and maximize returns. With traditional plans, that typically means socking money away and deferring income tax as long as possible. Of course, nothing lasts forever—not even tax deferrals. By rule, most taxpayers must start taking withdrawals from a traditional IRA, SIMPLE IRA, SEP IRA, or retirement plan account beginning no later than age 72. ...