Over 70 1/2? Don't forget IRA withdrawals | December 6, 2013 | Pleasanton Weekly | PleasantonWeekly.com |

Pleasanton Weekly

- December 6, 2013

Over 70 1/2? Don't forget IRA withdrawals

Severe IRS penalties if not done by Dec. 31

by Jason Alderman

With final holiday preparations looming, the last thing anyone wants to think about is next April's tax bill. But if you're over 70 1/2 and have any tax-deferred retirement accounts (like an IRA), put down the wrapping paper and listen up: IRS rules say that, with few exceptions, you must take required minimum distributions (RMDs) from your accounts by December 31 of each year and pay taxes on them or face severe financial penalties.

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