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Don’t botch this year-end retirement move, or else you’ll face taxes

Source: https://cnbc.com/2019/11/19/dont-botch-this-year-end-retirement-move-or-else-youll-face-taxes.html - Nov 22, 2019

If you turned 70½ this year or you’re older, you’re on the hook for a required minimum distribution out of your individual retirement account and each of your 401(k) plans.

This also means you can expect a tax bill when you take an RMD each year, which is why waiting until the very end of the year is so tempting. That would be a mistake.

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Category: General Business