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posted Jun 26, 2024 8:11:53 AM

IRA distributions

I turn 73 years of age in July, 2024. When do have to start taking distributions from my Individual Retirement Annuity? The funds had been in a 457, but I switched it to this IRA last year. And is there any way of minimizing the tax implications?

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1 Replies
Level 15
Jun 26, 2024 9:06:05 AM

@mahogonyrush you have to take the first RMD no later than April 1, 2025, but that would mean you would be taking two RMDs in 2025.  Normally best to just take the first one in 2024. 

 

can you minimize the tax? only if you are in the habit of donating money in which case QCD's can be the way to go.

 

Otherwise, these are tax DEFERRED accounts, not tax free accounts, and all us Baby Boomers are now 'paying the piper'.  The deferral period is now coming to an end.