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Retirement tax questions
No, you might not have to take your Required Minimum Distribution (RMD) from the 401k plan if your plan allows it. But if you have a traditional IRA then you will have to take the RMD from that account.
Generally, for 401k plans you must start taking an RMD on "April 1 of the year following the later of the year you turn 72 (70 ½ if you reach 70 ½ before January 1, 2020) or the year you retire (if allowed by your plan). If you are a 5% owner, you must start RMDs by April 1 of the year following the year you turn 72 (70 ½ if you reach 70 ½ before January 1, 2020)."(IRS)
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February 19, 2022
1:08 PM