IRS Warns Seniors of Penalties for Not Taking Required Withdrawals From Retirement Plans

The tax agency’s warning applies to people born before 1951, who face possible penalties if they don’t take minimum distributions from their retirement plans.

Internal Revenue Service (IRS) building in Washington on Oct. 16, 2023. Madalina Vasiliu/The Epoch Times

The Internal Revenue Service (IRS) is warning seniors born before 1951 that they are required to take minimum distributions from their retirement plans by the end of the year or face possible penalties.

Required minimum distributions (RMD) are amounts that many owners of individual retirement arrangements (IRA) or other retirement plans must withdraw each year—even if they’re still working.