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Avoid Costly RMD Mistakes and Meet Your Deadlines

1 min read
Source: AOL
Avoid Costly RMD Mistakes and Meet Your Deadlines
Photo: AOL
TL;DR

As the deadline for 2024 required minimum distributions (RMDs) approaches, individuals aged 73 and older must avoid common mistakes to prevent penalties. Key errors include not taking the full RMD, failing to withdraw from each 401(k) separately, mistakenly taking Roth RMDs, and not utilizing qualified charitable distributions (QCDs) to reduce taxable income. Consulting a tax professional can help navigate these complexities and ensure compliance before the year-end deadline.

Topics:businessfinance#401k#charitable-donations#finance#retirement#rmd#taxes
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  1. 4 Required Minimum Distribution (RMD) Mistakes You Cannot Afford to Make This Year  AOL
  2. How to Plan for RMDs From Different Retirement Accounts  Morningstar
  3. Need To Beat The Required Minimum Distributions (RMDs) Deadline?  Forbes
  4. 2025 RMD Deadline: Don't Get Caught Off Guard  TheStreet
  5. Here's what to know before taking your first required minimum distribution  CNBC

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