Taxpayers who turned 70½ in 2013 are required to take their first minimum required distribution (MRD) from a traditional IRA by April 1, 2014. In addition, their 2014 MRD must be taken by the end of 2014.
IRA owners nearing age 70½ should make sure their IRA trustee has the correct information to properly calculate their MRD. Failure to take required distributions will subject the owner to a 50% penalty on the amount not distributed.
Please contact Martini, Iosue & Akpovi by phone at (818) 789-1179 if you have questions or want more information.