Two IRA
deadlines
are approaching
March 2004
Do either of these
IRA deadlines apply to you or your family?
Deadline #1
- April 1, 2004, is the date by which you must take your first IRA
distribution if you turned 70½ last year.
If you fail to take
your distribution by this deadline, you face a 50% penalty tax on the
amount you should have withdrawn.
The requirement
doesn't apply to Roth IRAs, but unless you're still working, it does
apply to your other retirement plans.
Deadline #2
- April 15, 2004, is the last day you can make an IRA contribution for
the year 2003. Remember, the contribution limit is $3,000 if you're
under age 50 and $3,500 if you're 50 or older.
If you need more
information or assistance, contact our office.
Return to 2004 Tax Tips
