By Matt Crisafulli, CFP, EA, August 24, 2020

The end of the year marks an important deadline for those who have been accumulating assets in a retirement account. That is because the majority of those who are over the age of 70.5 must take a required minimum distribution (RMD for short) from their retirement accounts before December 31st of each year. However, there are a number of caveats to this requirement, because it wouldn't be an IRS rule if there weren’t exceptions and exemptions.