Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:13
Pay attention to the Required Minimum Distribution rules. We call them RMDs. Remember, the new law came out, and that said if you in the year you turn 72, you have to start taking distributions from your IRA or your 401k, your 503 B’s. But remember last year in 2020, you didn’t have to exclude it but for the tax year we’re doing now 2021, you had to take out an RMD or the penalty is 50%. 50% of whatever you did not take out so if you didn’t take out 10,000, you’re going to owe the IRS 5000. If you need help, call me today.
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