5 things you need to know about required minimum distributions this year
Required minimum distributions (RMDs) are taxed as ordinary income and can impact Social Security benefits and Medicare costs for retirees. The starting age for mandatory distributions has recently increased. These tax rules primarily affect high-income individuals and their total liabilities for the year.
Required minimum distributions are unwelcome for many high-income retirees because of the implications for their tax bills. RMDs are taxed as ordinary income and can have knock-on tax effects, leading to more tax on Social Security benefits and higher Medicare costs. The good news is that the RMD starting age has been sliding upward. It...
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