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Required Minimum Distributions: Year-End Issues
The end of the year is the deadline for most individuals with qualified retirement plans and IRAs to take their required minimum distributions (RMDs) if they have attained age 70' or inherited their benefits (Code Sec. 408(a)(9)). RMDs for 2015 are based on the account's value at the end of 2014. The failure to take RMDs can result in a 50% penalty (Code Sec. 4974). As part of its Tax Preparedness Series, the IRS reminded affected individuals to remember to take their RMDs by Dec. 31 (IR-2015-122, Oct. 29, 2015). Here are some key issues that can impact RMDs.
Those Who Turned 70'
Individuals who were born July 1, 1944, to June 30, 1945, attained age 70' in 2015. This means that they have attained their required beginning date for purposes of RMDs and must take their first one by Dec. 31, 2015. However, they can opt to postpone the first RMD until April 1, 2016. Doing so means taking two RMDs in 2016 (one by April 1 and one by Dec. 31).
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