The Internal Revenue Service today reminded taxpayers who turned 70½ during 2012 that in most cases, they must start receiving required minimum distributions (RMD) from individual retirement accounts (IRA) and workplace retirement plans by Monday, April 1st. The deadline applies to owners of traditional IRAs but not Roth IRAs. Normally, it also applies to participants in various workplace retirement plans including 401(k), 403(b) and 457 plans. The special April 1st deadline only applies to the required distribution for the first year. For all subsequent years, the RMD must be made by Dec. 31. So, for example, a taxpayer who turned 70½ in 2012 who receives the first required payment on April 1, 2013 must still receive the second RMD by Dec. 31, 2013. More information can be found on the IRS.gov website.
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