Retirees: Don't Miss the Deadline for Required IRA, 401(k) Distributions

http://www.dailyfinance.com/2012/12/05/retirees-deadline-ira-401k-required-minimum-distribution/

During the tough times of the past several years, retirees have done everything they could to stretch their retirement accounts as far as they could go. But trying to stretch them too far will get you into trouble with the IRS.

Every year, most people who are 70½ years old or older by the end of the year have to take required minimum distributions from their traditional IRAs and 401(k) accounts. Although those who just turned 70½ in the past year have until April 1 to take their first distribution, others face a December 31 deadline. If you try to cheat -- or simply forget -- you'll get a nasty wake-up call from the IRS in the form of a big penalty: 50 percent of the distribution you should have taken.

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