https://retirementplanningscottsdale.com/2019/03/08/anil-vazirani-shows-how-to-avoid-a-50-penalty-by-fixing-an-ira-mistake/Anil Vazirani shows how to avoid a 50% penalty by fixing an IRA mistake
Retirees who forgot to take the required minimum distributions from their traditional IRA last year will owe the IRS a tax penalty equivalent to 50% of the RMD amount on top of income taxes, according to an article on CNBC.
Retirees are advised to take the RMD as soon as they discover it so they can ask the IRS for a waiver of the penalty. “If you correct it right away and take the distribution out, you can request a waiver of the penalty on your tax return,” says a CPA.
Many retirees fail to develop a withdrawal strategy when planning for retirement, per a survey by Kiplinger.
Read more: https://www.financial-planning.com/news/time-is-running-out-to-fix-this-ira-mistake-and-avoid-a-50-penalty
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