Max out your contribution and deduction limits. This is $5,500 ($6,500 if 50 or older), to a traditional or Roth IRA. This also applies to each person in a marriage, even if one spouse does not have taxable compensation. April 18th 2016 is the deadline for your 2015 contribution.

Avoid excess contribution. Anything above the limit mentioned above will be taxed 6% each year it continues to be invested. If you have invested above this limit in the past, you can avoid future tax by withdrawing the excess amounts by the due date of your 2015 tax return (including extensions).

If you’re at least 70 ½, you must take a required minimum distribution (RMD) from your traditional IRA. This does not apply to a Roth IRA. This deadline is Dec. 31, 2015. RMD is calculated separately for each IRA; however, you can withdraw the amounts from any of the IRAs you desire. If you don’t take your RMD on time you face a 50% excise tax on the RMD you failed to withdraw.

Be cautious about your IRA distribution if expecting to claim the premium tax credit (PTC). Your IRA distribution can make you ineligible for the PTC. You will become ineligible if the increase causes your household income for the year to be above 400% of the Federal poverty line for your family size. If this happens you must repay the entire amount of any advance payments of the PTC that were made to your health insurance provider on your behalf.