As I understand it, you have to take the required distribution of your SEP by April 1 of the year after you turn 70 1/2. And then you have to take another distribution by Dec. 31 each year even if both distributions are in the same calendar year. Is that correct?
So if I am 70 in June of 2020, I would have to take a distribution by April 1,2020 and then again by Dec. 31, 2020?
So if I am 70 in June of 2020, I would have to take a distribution by April 1,2020 and then again by Dec. 31, 2020?
Federal Taxes: When Do You Have to Take Required Distributions from Your Sep
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