When must you start Required Minimum Distributions (RMDs) from your Individual Retirement Accounts (IRAs)? If you have IRAs, you must begin taking annual withdrawals after age 73. Withdrawals from traditional IRAs are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. Your first RMD is due by April 1 of the year after you turn 73, and subsequent RMDs are due by December 31 each year. |
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