The IRS is reminding those who were born in 1950 or earlier that they must soon begin taking required minimum distribution (RMDs) from their IRAs or other retirement plan accounts. Generally, RMDs are the minimum amounts that IRA and retirement plan account owners age 72 and older must annually withdraw from their accounts. Depending on the type of retirement account you have, you can delay taking your first RMD until April 1 of the year following the year you turn 72 or, in certain workplace retirement plans, the year you retire. RMDs are taxable income and you’re generally subject to penalties if you don’t take your RMDs on time. For more information: https://bit.ly/3V18oia or contact us. Call or visit our website for more information! www.mjscpa.com/
