2018 – 11/26 Don’t forget to take required minimum distributions (RMDs). Taxpayers who are at least age 70-1/2 must take a 2018 RMD from their IRAs, 401(k) plans or other employer-sponsored retirement plans before year end. Failure to do so can bring a penalty of 50% of the amount of the RMD that should have been withdrawn. If you turned 70-1/2 in 2018, you can delay the first distribution to 4/1/19, but you’ll need to take another RMD before the end of 2019. This could make sense if you expect to pay a lower tax rate next year. Don’t delay. Contact us soon if you need help.
