On March 20th, as a brisk spring breeze rustled through budding trees, Tom Hartley sat at his kitchen table, staring blankly at a cluttered stack of receipts and tax forms. Outside, the chilly 46-degree air felt appropriate for his mood.<\/p>\n\n\n\n
\u201cOnly 26 days,\u201d he sighed, glancing at the calendar with dread. Each year, it felt like a battle\u2014man versus paperwork, calculators, and obscure IRS instructions.<\/p>\n\n\n\n
\u201cDaddy, what\u2019s taxes?\u201d his six-year-old daughter, Annie, asked as she climbed onto the chair beside him, swinging her feet happily.<\/p>\n\n\n\n
\u201cSomething adults pay every year, honey. It helps pay for roads, schools, and things we all share,\u201d Tom explained, suppressing a weary smile.<\/p>\n\n\n\n
Annie considered this. \u201cOh. So taxes are kind of nice?\u201d<\/p>\n\n\n\n
Tom chuckled. “I guess they can be, in theory.”<\/p>\n\n\n\n
With Annie watching curiously, Tom picked up a pencil. He could procrastinate no longer. As the evening passed, Annie drew colorful pictures beside him\u2014bright suns, blooming flowers, and smiling faces. Somehow, the task seemed less daunting with his daughter’s artwork surrounding him.<\/p>\n\n\n\n
By bedtime, Tom had made considerable progress. He tucked Annie into bed, gently kissing her forehead. She smiled sleepily. \u201cDid you finish the taxes, Daddy?\u201d<\/p>\n\n\n\n
\u201cAlmost,\u201d he whispered, smiling softly. \u201cThanks to you, Annie, it wasn\u2019t so bad.\u201d<\/p>\n\n\n\n
As Tom returned to the kitchen table, he felt lighter. Maybe tax season wasn’t about paperwork and stress after all. Maybe it was simply another reminder\u2014hidden in plain sight\u2014of life’s small, sweet moments.<\/p>\n\n\n\n Required minimum distributions (RMDs)<\/a> are payments typically made by year end. However, individuals who turned 73 in 2024 can delay their first RMD until April 1, 2025. This special rule applies to IRA owners and participants born after Dec. 31, 1950.<\/p>\n\n\n\n The April 1 RMD deadline is for the first year only. For subsequent years, the distribution is due by December 31.<\/p>\n\n\n\n Taxpayers receiving their first required distribution for 2024 in 2025 (by April 1) must take their 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n An IRA trustee must inform the IRA owner of the RMD amount or, alternatively, offer to calculate the distribution amount. The RMD amount will typically appear on Form 5498, IRA Contribution Information<\/a>, in Box 12b. For a 2024 distribution due by April 1, 2025, the amount is shown on the 2023 Form 5498, usually issued early in 2024.<\/p>\n\n\n\n The April 1 deadline applies to all traditional IRA owners, as well as most workplace retirement plan participants. Some individuals with workplace plans, however, may be able to delay their RMD.<\/p>\n\n\n\n Most participants can wait until April 1 after retiring to receive distributions if their workplace plan allows it. This exception does not apply to 5% business owners<\/a> or to participants in SEP and SIMPLE IRA plans. See Publication 575, Pension and Annuity Income<\/a>, for information regarding the tax on excess accumulation.<\/p>\n\n\n\n Public school employees and certain tax-exempt organization staff with pre-1987 403(b) plan accruals should consult their employer, plan administrator or provider for guidance on handling these accruals.<\/p>\n","protected":false},"excerpt":{"rendered":" Thursday, March 20, 2025 marks the official first day of spring, known as the vernal equinox, when day and night are roughly equal in length. In Arab, Alabama, residents woke up to crisp temperatures signaling that winter’s chill hasn’t fully released its hold quite yet. With a predicted high of just 46 degrees Fahrenheit, today […]<\/p>\n","protected":false},"author":1,"featured_media":5031,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"2025-03-20T13:52:01Z","apple_news_api_id":"7bb3dbff-c96d-4cbc-aa39-5398599b6ced","apple_news_api_modified_at":"2025-03-20T13:52:01Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/Ae7Pb_8ltTLyqOVOYWZts7Q","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[85,1],"tags":[199],"class_list":["post-5028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-firm","category-news","tag-spring"],"apple_news_notices":[],"_links":{"self":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/posts\/5028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/comments?post=5028"}],"version-history":[{"count":0,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/posts\/5028\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/media\/5031"}],"wp:attachment":[{"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/media?parent=5028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/categories?post=5028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cookco.us\/news\/wp-json\/wp\/v2\/tags?post=5028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/cookco.us\/news\/wp-content\/uploads\/2025\/03\/GJC-03-19-2025-768x1024.jpeg\")
<\/figure>\n\n\n\nRequired Minimum Distributions<\/strong> – We are getting a lot of questions about this lately …<\/em><\/h3>\n\n\n\n
Two RMD payments are possible in the same year<\/h4>\n\n\n\n
Retirement plans needing RMDs<\/h5>\n\n\n\n
Some individuals can defer RMDs<\/h6>\n\n\n\n