Minimum Required Distribution Reminder

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.

 

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