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Attn Retirees: Don't Miss This April 1 Tax Deadline
Source:
foxbusiness.com
- Mar 27, 2017
While Uncle Sam’s IRS tax deadline is weeks away, some seniors face an important retirement withdrawal deadline next week, and if they miss it there will be a steep price to pay.
Anyone who turned 70½ in 2016 and holds assets in a traditional IRA or 401(K) plan must begin taking the initial required minimum distribution (RMD) by April 1 – or they will be subject to a tax penalty (equal to half the amount originally required to withdraw). Because the deadline falls on a Saturday, most must have this done by Friday (March 31) – unless you are withdrawing cash.
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Category: General Business
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