Daily Archives December 30, 2018

IRS Tax Tip 2018-248 Concerning Required Retirement Plan Distributions

IRS reminder: Deadline Dec. 31 for most retirees who must make required retirement plan distributions WASHINGTON — The Internal Revenue Service today reminded retirees born before July 1, 1948, that they usually must take distributions from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31. The payments, called required minimum distributions (RMDs), are normally made by the end of the year. Those who reached age 70½ during 2018 are covered by a special rule that allows them to wait until April 1, 2019, to take their first RMDs. This means that those born after June 30, 1947,