If you do not take distributions in a timely manner, you may have to pay a 50 percent excise tax on excess IRA additions. You should be aware that defined contribution owners may not have to file a report until retirement. <\/p>\n
Those who attain the age of 70 \u00bd in 2016 are required to report a RMD for the year, but they may wait until April 1, 2017 to do so. Individuals who report RMDs (more…)<\/span><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" It is important for taxpayers to be informed about required minimum distributions (RMDs) from IRAs so that they can plan accordingly for their retirement. In the current year, those persons age 70 \u00bd or older are required to take a…<\/span><\/p>\n