In IR-2019-203, the Service reminded taxpayers born before July 1, 1949 that they should take a required minimum distribution (RMD) by December 31.
The one exception is for IRA owners who turned age 70½ in 2019. These individuals may delay their first RMD until April 1, 2020. However, if they delay the first RMD, they will also need to take a second RMD by December 31, 2020.
RMDs are required for most qualified retirement plans. They apply to three types of IRAs. These are Individual Retirement Arrangements, Simplified Employee Pension (SEP) IRAs and Savings Match Plans for Employees (SIMPLE) IRAs.
The RMDs also apply to 401(k), 403(b) and 457(b) plans. An exception to the RMD...More