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March 27, 2018 Tax Tidbits
Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

No April Fools Joke: RMD Deadline

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

This is no April Fool’s joke! IRA owners who turned age 70½ in 2017, but opted to wait until 2018 to begin taking their required minimum distributions (RMDs) for 2017, must receive their first RMDs by April 1. The IRS reminds participants in qualified retirement plans that, to avoid a steep penalty, they must generally begin taking RMDs by April 1 of the calendar year following the later of (a) the year they reach age 70½ or (b) the year they retire. In 2018, April 1 falls on a Sunday, but the deadline is NOT extended to the following Monday.

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