Some seniors face RMD Deadline

Most retirement plans require that a taxpayer take a required minimum distribution (RMD) before the end of the year once they reach 70 1/2 years old. For the year the person reaches age 70 1/2, they have until April 1st of the following year to take their first RMD. So for anyone who turned 70 1/2 in 2015, your deadline to take the RMD is this Friday. The penalties for not complying with this rule are large but there are ways to have the penalty waived. If you or a loved one are in this situation, we can help.