You are required to start withdrawing from your IRA by April 1 following the year you turn 70 1/2, and to take withdrawals by December 31 of that year and each year afterward. Miss the deadline and you’ll owe a tax penalty of 50% of the amount you failed to withdraw. You can skip the required distribution from your 401(k) is you are still working, but not your IRA.
No comments:
Post a Comment