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Over 70? Here’s One Tax Move You Don’t Want to Forget in 2016

November 23, 2016

ira-street-signIf you have savings in a tax-deferred retirement account such as a traditional IRA or 401(k), you’re required to start taking minimum distributions after you turn 70-1/2 years old. Here’s how to determine whether you’ve withdrawn enough yet and what you need to know about the RMD rules and penalties.

Required minimum distributions

Traditional IRAs, 401(k)s, and other tax-deferred retirement accounts have an excellent benefit — pay no taxes on some of your income now, allow your investments to grow tax-deferred, and only pay income taxes when you withdraw the money.

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