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401k Plans: If You Are Age 70 Or Older

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Minimum distributions from your 401K Plan must begin before the later of the tax-filing due date (not including extensions) for the year in which you turn 70 1/2 or the date you retire. However, if you own at least 5% of the business you're working for, you must begin taking minimum distributions when you turn age 70 l/2. As long as you continue to work, you can still make additional contributions to your 401K.

If you don't take the minimum distribution from your account, you will have to pay a
50% excise tax on the difference between what you should have taken out and what you actually did.


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