Do You Know Your IRA Contribution Deadlines?
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You have until April 15, 2025, to make a 2024 IRA contribution.
Once you reach age 73, you must begin taking RMDs from a traditional IRA in most circumstances. Withdrawals from traditional IRAs are taxed as ordinary income and, if taken before age 59 1/2, may be subject to a 10% federal income tax penalty.
To qualify for the tax-tree and penalty-free withdrawal of earnings, Roth IRA distributions must meet a 5-year holding requirement and occur after 59 1/2. Tax-free and penalty-free withdrawals can also be taken under certain circumstances, such as the owner’s dealth. The original Roth IRA owner is not requirement to take minimum annual withdrawals.
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