Susan, age 70 in 2023, has remained in the service of the employer sponsoring the qualified retirement plan beyond her normal retirement age. If she continues in the employer’s service, when must she begin taking required minimum distributions from the plan?
As of the latest tax laws, individuals who reach the age of 72 are required to start taking Required Minimum Distributions (RMDs) from their qualified retirement plans, such as 401(k)s and traditional IRAs. This age was increased from 70½ to 72 by the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which was signed into law on December 20, 2019. However, if Susan is still working and does not own more than 5% of the company sponsoring the retirement plan, she may be able to delay taking RMDs from her current employer's plan until she retires, even if she is older than 72. This is known as the "still-working" exception. It's important to note that this exception does not apply to IRAs or plans from previous employers. Therefore, Susan must begin taking RMDs from her employer-sponsored retirement plan by April 1 of the year following the year she retires if she is taking advantage of the still-working exception. For any other retirement accounts she may have, she must begin taking RMDs by April 1 of the year following the year she turns 72.
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