April 1, 2017
- This is the Required Beginning Date (RBD) for IRA owners who turned 70½ in 2016. IRA owners have until April 1st to take their very first required minimum distribution (RMD) if the owner did not take it last year. Keep in mind that IRA owners who delayed this first RMD will still have to take their 2017 RMD by the annual December 31st deadline.
April 18, 2017
- For most taxpayers, this is the deadline for making 2016 contributions to a traditional or Roth IRA, HSA and ESA.
- April 18th (plus extensions) is the deadline to remove excess contributions made to your IRA(s) for 2016. Excess contributions must be removed in a timely manner to avoid the 6% penalty tax…. this penalty applies each year the excess amount remains in the IRA!