Building lifelong relationships with our members to help them achieve their financial goals.

Winter 2012 - Vol. 6, No. 1

Travis Credit Union - Home

IRA notice if you're turning 70-1/2 this year

If you will be at least age 70-1/2 by December 31, 2012, the IRS mandates that you begin taking the required minimum distribution (RMD) from each Individual Retirement Account (IRA) that you own. You may delay your first required distribution no later than April 1st of the year following the year you reached age 70-1/2. However, your RMD must also be taken by December 31 for that year. If you fail to take your full RMD on time in any year, you'll owe the IRS a stiff penalty of 50 percent of the required amount that was not distributed.

We would be happy to help you calculate the amount you are required to withdraw from your Travis Credit Union IRA. Please visit any of our branches or call TCU's member service administration at (707) 469-1820 or (800) 877-8328.

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