Q: I turned 70 & 1/2 this year and have to take my first RMD (Required Minimum Distribution), I still work and contribute to my 401(k). Where do I have to take the withdrawals from?
A: This is a milestone birthday for taxes and retirement planning. Here is what you need to know:
If you have a Traditional IRA account you need to withdraw 3.65% of the 12/31/16 balance from the IRA and pay tax on the amount withdrawn. Congrats on still working, that gives you a bit of an RMD break. For those still working after 70 & 1/5 years of age and contributing to your 401(k) accounts, you need not withdraw from the 401(k).

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