In this episode, Dr. Friday highlights some important tax changes for 2024. Required minimum distributions (RMDs) remain mandatory at age 73. Additionally, employers may now transfer former employees’ retirement accounts, but only if the balance exceeds $1,000. Otherwise, you may receive a check, leading to potential tax consequences. Stay informed about these updates to ensure you’re prepared for the new tax year.
Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Let’s look at some of the 2024 changes that we know are going to happen. Regarding mandatory RMDs, it’s still the age 73. So at the age of 73, you now have to take your required minimum distributions. Employers may transfer former employee retirement accounts to their retirement plan, no balance less than $1,000. So if you have an IRA for $1,000 or less with an employer, they are not obligated to transfer it. They may just send you the check, and then you’ll just have to pay taxes. There are more of those, and it’s really important to understand. If you want help with taxes, 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.