The Required Minimum Distributions age changes to 73 starting Jan 1, 2023 (it was 72 in years after 202o) and will be increased to age 75 in 2033.
The catch-up amount taxpayers may contribute to their IRAs will be indexed for inflation starting in 2024.
Starting in 2024, subject to limitations, unused funds from 529 plans may be rolled over into a Roth IRA.
There is now special tax treatment available for a variety of reasons to withdraw funds from your retirement accounts (some don’t start until future years). Retirement funds withdrawn for a disaster or terminal illness are among the special situations sited in these new rules.
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- Born before July 1, 1949 — RMD starts at age 70 1/2
- Born July 1, 1949 - December 31, 1950 — RMD starts at age 72
- Born 1951 - 1959 — RMD starts at age 73
- Born 1960 or later — RMD starts at age 75