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Avoid Penalties By Taking Minimum Distributions

Are you at the age where you are required to take a minimum distribution from your IRA to avoid a penalty?  Micheal Devine from the Internal Revenue Service says those 70 ½ years old and above are required to take some of the money out of the accounts each year.

Devine says you will be taxed on the amount sent to you, but you may be able to make a charitable donation as well.

A special rule allows those who reached 70 ½ in 2019 to wait until April 1, 2020, to receive the required distributions.

Check with your plan administrator to determine what is required.