The Internal Revenue Service reminded retirees who turned 70.5 during the 2014 tax year that they must start receiving the required minimum distribution from their Individual Retirement Accounts (IRA) or their work-related retirement plans such as a 401(k), 403(b), and 457 plans by April 1st of 2015. This deadline does not apply to those with Roth IRAs.

See Internal Revenue Service, “Many Retirees Face April 1 Deadline to Take Required Retirement Plan Distributions,” (Mar. 19, 2015).

Posted by Aryane Garansi, Associate Editor, Wealth Strategies Journal