Category Archives: Excise Tax on Excess Accumulation

No Fooling – Don’t Forget to Take Your First “Required Minimum Distribution” by April 1st

Generally, if you turned 70 ½ during 2014 and have a traditional IRA or other qualified retirement plan, you will need to take your first required minimum distribution (RMD)[1] by April 1 of this year.[2] This rule applies whether you actually need the money or not. You may be surprised ...