Mandatory IRA Withdrawal Deadlines Are Coming Up Quickly

With all of the hustle and bustle of the holidays, it is easy to put off or even forget a few things until after the beginning of the year. Not withdrawing funds from your IRA, if you have required minimum distributions, could be costly. For those over the age of 70½ who have not yet taken the annual required minimum distribution from their IRAs for 2015, you must do so before December 31st. If you miss this deadline, you face a tax penalty that amounts to 50 percent of what you should have been withdrawn.
An article in the December 8, 2015 issue of the Pittsburgh Post gazette stated that Fidelity Investments, based in Boston, reported that as of Nov. 27, the majority — nearly 60 percent — of the company’s more than 800,000 IRA customers who are supposed to take required minimum distributions for the tax year 2014 had yet to take the full amount from their Fidelity IRAs.
Make sure that you put this item on your to do list and have a happy holiday.

* The information contained in this Blog is intended for general information and educational purposes only and does not constitute legal advice or an opinion of counsel.