Some if entering information into Turbo Tax, there was a caution notice that indicated that a person turns 60 1/2 during the tax year and not received a check from retirement provider that there would be a penalty. I cannot find the notice again to understand what needs to happen to prevent any penalties. Help please.
Are you referring to the required minimum distribution (RMD) that needs to be taken by April 1st of the year following the year your turn 70 1/2 years of age.
If you turned 70 1/2 this past year, then you can still take the distribution without penalty. If that is the case, contact your plan custodian and request that the distribution be made to avoid a penalty of 50% of what the required distribution needs to be.
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