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Congress May Let You Skip Mandatory Withdrawals from IRA  Form

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A required minimum distribution, or RMD, is the minimum amount you're required to withdraw annually from tax-deferred accounts once you reach a certain age. Here's how it works. Tax-deferred accounts, like traditional IRAs, SEP-IRAs, SIMPLE IRAs, or 401(k)s, allow you to contribute money pretax—a significant benefit for some investors. The longer you wait to withdraw money, the longer it can grow without being taxed. But you can't avoid paying taxes on that money forever. At a certain point, the IRS requires you to start taking an RMD, which is usually taxed on withdrawal. You typically must take the first RMD by April 1 of the year after you reach RMD age. A 2022 change to the law means that you must start taking an annual withdrawal when you turn 73. However, if you were 70 and a half prior to January 1, 2020, you should already be taking annual withdrawals. If you turned 72 before January 1, 2023, you need to begin RMD's no later than age 72 and can

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