The Internal Revenue Service is reminding taxpayers that, in most cases, Monday, April 1 is the date by which persons who turned age 70½ during 2018 must begin receiving payments from Individual Retirement Accounts and workplace retirement plans.
This news release is part of a series called the Tax Time Guide, a resource to help taxpayers file an accurate tax return. Additional help is available in Publication 17, Your Federal Income Tax, and the tax reform information page.
The payments, called required minimum distributions, are normally made by the end of the year. Those persons who reached age 70½ during 2018 are covered by a special rule, however, that allows first-year recipients of these payments to wait until as late as April 1 to get the first of their required minimum distributions.
Many answers to questions about required minimum distributions can be found in a special frequently asked questions section at IRS.gov.
Taxpayers can also find forms, instructions and tools online at IRS.gov.