Ask Terry Questions IRA mandatory withdrawl

IRA mandatory withdrawl

By Terry Savage on June 25, 2024 | Financial Planning / Retirement

I am 70. Two years ago I took $15000 from my IRA. I paid tax on the withdrawal and showed it on my Federal tax return.
Do I still have to make a mandatory withdrawal when I’m 72?
Thanks from a loyal fan in Chicagoland

Terry Says

You must make a mandatory withdrawal in the year you reach age 73.   The amount will be based on the year-end balance in your IRA (or all IRAs combined) at the end of the previous year.  Be sure to keep those year-end statements if you have more than one IRA.  If just the one, your custodian will calculate the amount that must be withdrawn.  You can always take out more — paying taxes as ordinary income,  And previous withdrawals do not count toward your RMD at age 73.

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