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.
This publication is distributed with the understanding that the author, publisher and
distributor are not rendering legal, accounting or other professional advice or
opinions on specific facts or matters, and, accordingly, assume no liability
whatsoever in connection with its use. The information contained in this newsletter
was not intended or written to be used and cannot be used for the purpose of (1)
avoiding tax-related penalties prescribed by the Internal Revenue Code or (2)
promoting or marketing any tax-related matter addressed herein. © 2014