The Internal Revenue Service reminded taxpayers who turned 70½ during 2012 that in most cases, they must start receiving required minimum distributions (RMD) from individual retirement accounts (IRA) and workplace retirement plans by April 1.
The April 1 deadline applies to owners of traditional IRAs but not Roth IRAs. Normally, it also applies to participants in various workplace retirement plans including 401(k), 403(b) and 457 plans.
The special April 1 deadline only applies to the required distribution for the first year. For all subsequent years, the RMD must be made by Dec. 31. So, for example, a taxpayer who turned 70½ in 2012 who receives the first required payment on April 1, 2013 must still receive the second RMD by Dec. 31, 2013.
For more information, click on link below:
- The Early Tax Deadline You Can’t Afford to Miss (dailyfinance.com)
- Some seniors face April 1 retirement plan withdrawal deadline(dontmesswithtaxes.typepad.com)
- IRAs: What’s Your Required Minimum Distribution? (community.ally.com)
- TurboTax – Tax Strategies for an Early Retirement (turbotax.intuit.com)
- Required Minimum Distributions Missed? | What to do | Milwaukee Financial Advice (milwaukeefinancialadvisor.wordpress.com)
- IRA charitable rollover returns, with special January option for some 2012 required minimum distributions (dontmesswithtaxes.typepad.com)