As a final reminder, the December 31 deadline for taking required minimum distributions (RMDs) is quickly approaching. Failure to do so will result in a 50% penalty of the amount of the RMD that should have been withdrawn.
Taxpayers who are at least age 72 or older are required to take RMDs for all traditional retirement accounts.
If you turned 72 last calendar year and delayed your first RMD to April 1 of this year, then your second RMD is due now.
If you turned 72 this calendar year and wish to delay your first RMD until April 1, you can do so but be aware that there might be unintended tax consequences.
As always, we’re always here to help. RMD mistakes can come with a hefty price tag so let’s get these taken care of. Please call the office to set up a time to discuss.
All the best,