Important Information!
If you turned 70 ½ in 2017…
The Internal Revenue Service will require you to take a Required Minimum Distribution (RMD) from your IRA or 401(k) retirement account no later than April 1. The purpose of RMDs is to make sure that people take taxable distributions for as long as possible.
Therefore, you must take subsequent RMDs before December 31st on every year of your retirement. If you fail to take the first RMD, the IRS will ‘reward’ you with a 50% penalty on the amount that should’ve been withdrawn, so take care!
If you turned 65 in 2017…
Remember to take the additional standard deduction! This is worth $1,550 for singles and $1,250 for married couples who are over 65 years old.
