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Michael DiSabatino of Sharp CFO™ offers expert insights to help you unlock your business's full potential by delivering proven strategies for maximizing tax savings, streamlining operations, and driving sustainable growth.

Do you need to take an RMD? April 1 might be an important date for you

Do you need to take an RMD?

April 1 is the last day you can take your required minimum distribution (RMD) for 2017 from your traditional IRAs. If you reached age 70½ last year, this is a big deal.
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April 1 is the deadline for retirement distributions

April 1 is the deadline for retirement distributions

You may be approaching an important deadline if you have retirement accounts and you turned 70½ last year. Generally, you must begin withdrawing money from tax-favored retirement plans in the year you turn 70½. However, you may postpone your first withdrawal until April 1 of the year after you turn 70½. That means you have until April 1, 2015, to complete your required 2014 distribution.

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Can I Defer My RMD if I'm Still Working?

time-2-retire

Can a Self-Emplyed person, who is still working full-time skip thier Pension/IRA RMD (Required Minimum Distribution)?

No. Generally, you must begin taking "required minimum distributions" (RMDs) from your qualified retirement plans and IRAs after you turn age 70 1/2. Then you must continue taking RMDs for each succeeding tax year.
However, you can delay RMDs from qualified plans if you're still working full time and you don't own 5% or more of the company.  There is no such exception for IRAs. Because your Simplified Employee Pension (SEP) is treated as an IRA rather than a qualified plan, you must start taking RMDs after you turn 701/2 whether you are still working or not.

So, remeber: In any event, full-time workers can't postpone RMDs from an IRA.

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