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2017 Required Minimum Distributions Reminder
If you turned (or will turn) 70½ in 2017, you need to be aware of the upcoming deadlines for required minimum distributions (RMDs) from both individual retirement accounts and retirement plan accounts, such as 401(k)s. If you don’t take RMDs on time, you could get hit with a tax penalty equal to 50% of the undistributed RMD.
When To Begin
Generally, the deadline for taking RMDs is the end of each calendar year. However, the IRS allows an extension for the first one — until April 1 of the following year.
The bad news is that if you decide to wait until April 1, 2018, to take your first RMD, you’ll still need to take your second by the end of that same year. With two RMDs in one year, you’ll have more taxable income, and you might even be pushed into a higher tax bracket and/or see more of your Social Security benefits taxed.
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To learn more about Katz Viola Lebenhart & Mauro, LLP,
visit www.kvlmcpa.com.
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