Taxpayers that have reached the required beginning date for distributions have a Required Minimum Distribution (RMD) for that tax year and the following tax years. In the event that the taxpayer's distributions for a tax year do not meet the RMD, the taxpayer will be subject to an additional tax on the shortfall. The tax will equal 50% of the amount not distributed.
The taxpayer is required to begin to receive distributions from their qualified retirement plan by 1st April of the year that follows the later of:
- Ìý
•ÌýÌýÌýÌý the year in which the taxpayer reaches the age of 73, or
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Web page updated on 17 Mar 2025 13:19