Generally, these individuals must take required minimum distributions (RMDs) from their retirement plans by Dec. 31. Those who turned 70½ in 2019 (the onset age for RMDs) can wait until April 1, 2020, to take their first distributions. (The April 1 deadline only applies to the RMD for the first year. For all subsequent years, the RMD must be made by Dec. 31.) The required distribution rules apply to the owners of traditional IRAs, Simplified Employee Pensions (SEP) IRAs, Savings Incentive Match Plans for Employees (SIMPLE) IRAs, and participants in various workplace retirement plans, including 401(k)s, 403(b)s and 45(b)s.
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