Taxpayers Save as IRS Adjusts Life Expectancy Tables USA Today (04/22/02) Vol. 30, No. 7 p.12; Block, Sandra
The Internal Revenue Service (IRS) has revised its longevity tables and included them in the final version of rules concerning retirement savings withdrawals--a move that will reduce retirees' taxes. Next year banks and other IRA trustees will have to tell retirees when they must begin taking distributions, and in 2004 financial institutions will also have to give the IRS the names of those who must begin taking distributions.