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Appendix 2: After September 1, 2007, Begins with the purpose of the letter. Eliminated the bold, underlined sentence which caused negative emotional responses because of the intensity of the formatting.
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At age 70, individuals may need to start taking required minimum distributions from certain retirement accounts.
Individuals who are 70 and a half years of age are required to file required minimum distributions from certain retirement accounts.
To fill out required minimum distributions at age 70, individuals must calculate the amount based on their retirement account balances and life expectancy.
The purpose of required minimum distributions at age 70 is to ensure that individuals start withdrawing funds from their retirement accounts and paying taxes on the distributions.
Information such as retirement account balances, age, life expectancy, and distribution amounts must be reported on required minimum distributions at age 70.
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