With the end of another year fast approaching it would be wise to take some time out of holiday preparations and make sure your financial house is in order. New research by Fidelity shows that as much as Two-Thirds of retired IRA owners are about to be assessed huge fees for not taking money out of their account by December 31st 2014. Of the 750,000 IRA accounts requiring distribution, the Fidelity study found that 68% have not taken their full distribution and 56% have yet to take any distribution at all. Your required minimum distribution is the minimum amount you must withdraw from your account each year. You generally have to start taking withdrawals from your IRA or retirement plan account when you reach age 70½. Roth IRAs do not require withdrawals until after the death of the owner.
There are a few other reasons IRA owners may receive a tax penalty in the year. If you have switched IRA accounts during the year, the new institution is not required to notify you of your minimum withdrawals until the next year. If an IRA is inherited, the beneficiary would have to complete any required distributions in the calendar year to avoid stiff penalties.
At a time when interest rates are low and the stock market has been rising, many delay pulling out their minimum withdrawals until the end of the year. But, the penalty is quite hefty, 50% of the amount you would have been required to pull out of your IRA account for the year. We highly recommend that you begin the process right away to avoid running out of time due to filling out a form wrong or sending it to the wrong address. Please consult with your financial adviser to confirm you have met all of the IRS requirements.
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