February 23rd, 2016
| Planning Your Financial Future |
February 2016 |
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| It’s time to start gathering your documents for your tax preparer. As the documents come in the mail, put your tax documents into a folder labeled for your CPA. Do it right away so you don’t misplace necessary documents. |
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What are required minimum distributions (RMDs)?
The law requires that you begin taking distributions, called “required minimum distributions” or RMDs, from IRAs and most employer retirement plans when you reach age 70½ (or in some cases, when you retire), whether you need the money or not. |
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Should I delay taking my first RMD?
In general, you must take your RMDs no later than December 31 of each calendar year to avoid a 50% tax penalty. However, you have the option of delaying your first distribution untilApril 1 of the following calendar year. |
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| Any federal tax advice in this communication (including any attachments, enclosures, or other accompanying materials) was not intended or written to be used, and it cannot be used, by any taxpayer for the purposes of avoiding penalties; furthermore, this communication was not intended or written to support the promotion or marketing of any of the transactions or matters it addresses. |
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This entry was posted on Tuesday, February 23rd, 2016 at 11:50 am.
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