Avoid Costly RMD Mistakes and Meet Your Deadlines

As the deadline for 2024 required minimum distributions (RMDs) approaches, individuals aged 73 and older must avoid common mistakes to prevent penalties. Key errors include not taking the full RMD, failing to withdraw from each 401(k) separately, mistakenly taking Roth RMDs, and not utilizing qualified charitable distributions (QCDs) to reduce taxable income. Consulting a tax professional can help navigate these complexities and ensure compliance before the year-end deadline.