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USA finance and payments live updates: gas stimulus check, tax deadline April 2022, Social Security disability, Child Tax Credit portal, tax refunds… – AS USA

USA finance and payments live updates: gas stimulus check, tax deadline April 2022, Social Security disability, Child Tax Credit portal, tax refunds...

IRS reminder to many retirees: April 1 is last day to start taking money out of IRAs and 401(k)s

The Internal Revenue Service has reminded retirees who turned 72 during the last half of 2021 that, in most cases, Friday, April 1, 2022, is the last day to begin receiving payments from Individual Retirement Arrangements (IRAs), 401(k)s and similar workplace retirement plans.

The payments, called required minimum distributions (RMDs), are normally made by the end of the year. But anyone who reached age 72 after June 30, 2021, is covered by a special rule that allows IRA account owners and participants in workplace retirement plans to wait until as late as April 1, 2022, to take their first RMD. In other words, in general, the special April 1 rule applies to IRA owners and other participants in these plans who were born after June 30, 1949.

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