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Tag Archive for Required Minimum distributions

IRS Reminds Retirees Of April 1, 2018 Deadline To Take Required Retirement Plan Distributions

WASHINGTON — The Internal Revenue Service today reminded taxpayers who turned age 70½ during 2017 that, in most cases, they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Sunday, April 1, 2018.

The April 1 deadline applies to all employer-sponsored retirement plans, including profit-sharing plans, 401(k) plans, 403(b) plans and 457(b) plans. The RMD rules also apply to traditional IRAs and IRA-based plans such as SEPs, SARSEPs, and SIMPLE IRAs, however, they do not apply to ROTH IRAs. Read more

Turning 70 1/2 This Year?

Article Highlights:

• Turning 70 1/2
• Traditional IRA Contributions
• Excess Contributions Penalty
• Required Minimum Distributions
• Still Working Exception
• Excess Accumulation Penalty

If you are turning 70 1/2 this year, you may face a number of special tax issues. Not addressing these issues properly could result in significant penalties and filing hassles. Read more

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