Contact UsWhat are the current rules governing taxpayers who turned 70-1/2 during 2013 in connection to required minimum distributions for individual retirement accounts?
Federal Tax Compliance
Family Office Taxation
Individual Retirement Accounts (IRAs)
Individual Taxation
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Tax Professional Answers
Peter Scalise, SAX LLP
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525 weeks ago
It should be duly noted that taxpayers who turned 70-1/2 during 2013, in most cases, must begin receiving Required Minimum Distributions (hereinafter "RMDs") from Individual Retirement Accounts (hereinafter "IRAs") and workplace retirement plans such as 401(k), 403(b) and 457 plans by Tuesday, April 1 of 2014.
The deadline only applies to RMD for the first year. For all later years, the RMD must be made by December 31.