Effective January 1, 2023, the age for stating required minimum distributions (RMDs) increased from 72 to 73. You must make required minimum distributions from your traditional IRAs after you reach age 73. However, you may delay taking money from your 401(k) or employer-based retirement plan until after you stop working. There are a lot of […]
Tag: Individual Retirement Accounts
Save for Retirement Now; Get a Tax Credit Later
A tax credit known as the Retirement Savings Contributions Credit is designed to offset a percentage of the initial $2,000 that taxpayers put toward their individual retirement accounts or other retirement accounts established through their employers. Also called the Saver’s Credit, this IRS-backed tax credit makes it possible for people with disabilities to contribute to […]