February 2014

14 Feb

Taking Your IRA RMD at the Right Time of the Year

If you're over 70 and have an IRA, you likely fall into one of two groups: those who are eager to take their IRA required minimum distribution (RMD) at the beginning of the year, or those who prefer to put it off until the last minute. However, timing is everything when it comes to your RMD. Because there are tax consequences for withdrawing money from an IRA, the following strategy can help you schedule RMDs in a way that minimizes the taxes you'll owe.

03 Feb

2014 IRA Deadlines Are Approaching

Here is what you need to know for 2014.

Financially, many of us associate April with taxes—but we should also associate April with important IRA deadlines.

  • April 1 is the absolute deadline to take an initial IRA required minimum distribution (RMD).
  • April 15 is the deadline for making annual contributions to a traditional or Roth IRA.1,2,7

Let's discuss the contribution deadline first, and then the deadline for that first RMD (which affects only those IRA owners who turned 70½ last year).