Today we discuss the RMDs which is the minimum amounts you must withdraw from your retirement accounts each year. You must begin withdrawing at age 73. You can withdraw more than the minimum and your withdrawals are taxable income unless you are taking out of a Roth IRA. The Secure 2.0 Act has a chart that calculates the amount you need to withdraw each year. The IRS Publication 590-B tells how the RMDs are calculated by your life expectancy.
The penalty for not taking out enough is a 50% excise tax!
You cannot roll over your RMDs into another tax deferred account. The IRS wants their tax money and the day of reckoning to pay the taxes on that money is age 73 when you have to start taking your RMDs.

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