Avoid a 50% penalty: Take retirement plan RMDs before December 31
Avoid a 50% penalty: Take retirement plan RMDs before December 31 After you reach age 70½, you must take annual required minimum distributions (RMDs) from your IRAs (except Roth IRAs) and, generally, from your defined contribution plans (such as 401(k) plans). You also could be required to take RMDs if you inherited a retirement plan (including Roth IRAs). If you don’t comply — which usually requires taking the RMD by … Read more