If you are 70½ or older, remember to take your required minimum distribution before December 31st, 2018. If you forget to take your required minimum distribution (RMD), before the end of the year, you could be hit with a 50 percent tax penalty on the amount of the distribution you should have taken.
Remember when calculating your RMD to add up all investment accounts that you have. Seek help from your financial adviser or tax accountant if you have questions about determining your RMD amount.
Click here to read the article, “If you forget to do this before the end of the year, you could face a big tax penalty” from MSN, discussing Required Minimum Distributions.