Monday, July 14, 2014
The deadline for the required minimum distribution for an IRA is April 1st of next year.
By law you must begin withdrawing money from a regular IRA and other retirement plans “when you reach age 70 ½.” The IRS website indicates that the deadline for that distribution is “April 1 of the year following the calendar year in which you reach age 70 ½.”
Yet waiting until next year may not be the best option. “For each subsequent year after your required beginning date, you must withdraw your RMD by Dec. 31.” It is recommended that you check to see how the distributions will affect your tax planning before withdrawaling any money.
See Tom Herman, The Deadline for Your First Required IRA Distribution, The Wall Street Journal, July 13, 2014.