(540) 373-6589 | info@foltzcpa.com

Client-resources

RMD Deadline approaches on December 31.

Sam Foltz

December 14, 2016

If you are over age 70 and a half, the IRS requires that you take an RMD (Required Minimum Distribution) from your traditional IRA accounts.  You must take the distribution by December 31st or you risk the assessment of a 50% penalty on the distribution!

If you turned 70 and a half in 2016, you have until April 1, 2017 to take your first distribution.

What happens if you have missed the deadline in the past?  The IRS has a forgiveness program for those individuals who did not take the distribution.  In this case, it is much better to tell the IRS you made a mistake than it is for them to find out about it later.  Give us a call at 540-373-6589 and we'll help you out!

   

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