Updated Rules on Missed RMDs
Description
This episode looks at the recent IRS updates on the required minimum distributions due for 2024 and 2025.
David touches upon which accounts are and which aren’t subject to RMDs.
Historically, when someone missed their RMD, they had to pay a 50% penalty on whatever they were supposed to withdraw but did not…
David goes over what the new regulation for missing an RMD says.
David explains how SECURE Act 2.0 changed what was a popular policy in regards to RMDs and paying penalties.
To avoid confusion over penalties and various statutes of limitation, David recommends ensuring that you’re taking your RMDs at the appropriate time.
“If you consolidate all your IRAs into one account, it’s going to be a lot easier to make the correct RMD calculation,” says David.
Mentioned in this episode:
David’s upcoming book: The Guru Gap: How America’s Financial Gurus Are Leading You Astray, and How to Get Back on Track
David's books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code
PowerOfZero.com (free 3-part video series)
@mcknightandco on Twitter
@davidcmcknight on Instagram
David McKnight on YouTube
Get David's Tax-free Tool Kit at taxfreetoolkit.com
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