No time for tricks on April Fool’s Day

IRA owners who turned age 70½ in 2016, but opted to wait until 2017 to begin taking their required minimum distributions (RMDs) for 2016, must receive their 2016 RMDs by April 1. A participant in a qualified retirement plan generally must begin taking distributions from it by April 1 of the calendar year following the later of (a) the year in which he or she reaches age 70½ or (b) the year he or she retires. Note: April 1 falls on a Saturday. The IRS says that that is the deadline, NOT the following Monday, April 3.