Employers cannot claim an adjustment or refund for taxes withheld on an uncashed distribution check, even if the check is ...

Last week, the IRS issued guidance on withholding and reporting issues related to uncashed retirement plan distribution ...

Take distributions by age 70 1/2. You should begin taking RMDs in the year in which you turn 70 1/2. If you don't take your first RMD during that year, you must take it no later than April 1 of the ...

When an employer (or the proper withholding agent, like a plan administrator) issues a retirement benefit, there is generally an obligation ...

Your RMD is based on your pre-tax retirement balance as of Dec. 31 from the previous year. That means your 2024 RMD uses year-end figures from 2023.

On July 16, 2025, the IRS issued guidance regarding uncashed retirement plan distribution checks and subsequent replacement checks. Revenue Ruling 2025-15 clarifies that the fact that a ...

Illinois The state has a flat state income tax of 4.95% and exempts from taxation nearly all retirement income, including Social Security, pensions and 401 (k) and IRA distributions.

The IRS issued a procedure for taxpayers to make a limited claim of eligibility for a waiver from the 60-day deadline for rolling over distributions from a retirement account into another qualified ...

The IRS has released Revenue Ruling 2025-15, which clarifies the federal tax withholding and reporting responsibilities of retirement plan administrators when a distribution check is issued but ...