IRS reminder of retirement plan distributions deadline

Released 17 March 2017

The IRS is reminding taxpayers who turned age 70½ during 2016 that, in most cases, they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by 1 April 2017.

The deadline applies to owners of traditional (including SEP and SIMPLE) IRAs but not Roth IRAs. It also typically applies to participants in various workplace retirement plans. Affected taxpayers must figure the RMD for the first year using the life expectancy as of their birthday in 2016 and their account balance on 31 December 2015.

The IRS is encouraging taxpayers to begin planning now for any distributions required during 2017.

More details can be found here.

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