The deadline for individuals to file their income tax return is April 15, 2025. If you have not yet made an appointment with our office to file your tax return, please contact us as soon as possible. At this late date it may not be possible to file your tax return by April 15, but we can at least help you file an extension in order to avoid any penalties.
Month: April 2025
In most cases, retirees who turned 73 in 2024 must begin receiving payments from Individual Retirement Arrangements (IRAs), 401(k)s and similar workplace retirement plans by Tuesday, April 1, 2025. Required minimum distributions (RMDs) are payments typically made by year end. However, if you turned 73 in 2024 you can delay your first RMD until April 1, 2025. This special rule applies to IRA owners and participants born after Dec. 31, 1950.
Two RMD payments are possible in the same year
The April 1 RMD deadline is for the first year only. For subsequent years, the distribution is due by December 31.
If you received your first required distribution for 2024 in 2025 (by April 1), you must take your second RMD for 2025 by Dec. 31, 2025. The first distribution is taxable in 2025 and reported on the 2025 tax return, along with the regular 2025 distribution.
Retirement plans needing RMDs
RMD rules apply to owners of traditional, Simplified Employee Pension (SEP) and Savings Incentive Match Plan for Employees (SIMPLE) IRAs while the original owner is alive, and to participants in 401(k), 403(b) and 457(b) plans. Roth IRAs are not subject to required minimum distributions.