Are you a retiree who is 70 1/2 years old and have a traditional Individual Retirement Arrangement (IRA) or work retirement account 401(k), 403(b) and 457(b). Remember to take your required minimum distribution (RMD) by December 31, 2014.
Special Rule – If you are a first-year recipient who reached 70 1/2 during 2014, then you can wait until April 1, 2015 to take your first distribution.
An IRA trustee must either report the amount of the RMD to the IRA owner or offer to calculate it for the owner. You should receive Form 5498 and the amount will be in box 12b.
