Retired Taxpayers Over 59½ Years of Age at the End

question 114

True/False

Retired taxpayers over 59½ years of age at the end of the year must receiverequired minimum distributions from defined contribution plans or they are subject to a penalty, unless the distribution requirement is waived under the CARES Act.

---

Definitions:

Time Period Assumption

An accounting principle that allows businesses to divide their activities into specific time periods, such as months, quarters, or years, for reporting purposes.