If you are the owner of an IRA account or a beneficiary, you need to understand the rules governing when to take required minimum distributions (RMDs). Regulations have changed regarding penalties for missed RMDs. Although the penalties starting in 2023 have been reduced, the amounts can still be very significant.
Congress revised rules on required minimum distributions (RMDs) that retirees must start taking in their 70s from tax-deferred retirement accounts.