What is the Deadline for IRA Distribution?

Under federal tax law, adults who turned 70 during the previous year are required to take their first required IRA minimum distribution by April 1st of 2016.  Not doing so could result in a hefty 50% tax fine on the amount that was not taken.  This also applies to other retirement plans, depending on whether or not you're actively retired.  Call Flower City Tax in Rochester for expert assistance on retirement account and IRA tax preparation.