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2150 East 1300 South,
You had the benefit of tax deferred growth during your working years or during the working years of the person whose tax qualified account you inherited. The RMD or RDD is the IRS designated time and amount for taxes to be paid. Yearly distributions required must be done for each and every account that meets the criteria. The CARES Act waived Required Distributions for 2020 but distributions are required for 2021, 2022, and going forward. The amounts are calculated using the December 31st balance from the prior year.
Who is required to take a Required Distribution?
How do RMDs and RDDs Work?
What Happens if I Do Not Take My Required Distribution?
How is an RMD Calculated?
How is an RDD Calculated?
Who Can Calculate my RMD and RDD?