News / Article

Attn Retirees: Don't Miss This April 1 Tax Deadline

Source: foxbusiness.com/features/2017/03/24/attn-retirees-dont-miss-this-april-1-tax-deadline.html - Mar 27, 2017

While Uncle Sam’s IRS tax deadline is weeks away, some seniors face an important retirement withdrawal deadline next week, and if they miss it there will be a steep price to pay.

Anyone who turned 70½ in 2016 and holds assets in a traditional IRA or 401(K) plan must begin taking the initial required minimum distribution (RMD) by April 1 – or they will be subject to a tax penalty (equal to half the amount originally required to withdraw). Because the deadline falls on a Saturday, most must have this done by Friday (March 31) – unless you are withdrawing cash.

CLICK SOURCE ABOVE TO READ ENTIRE ARTICLE

Category: General Business