When it comes to your IRA, it pays to be thorough. The IRS has strict rules about IRAs, and any mistakes can lead to a steep tax penalty; for example, failing to take your full required minimum distribution carries a penalty of 50% of the amount not withdrawn for that year.
You are likely already aware of some of the more common errors that can lead to a stiff penalty from the IRS, but there are some other mistakes that many IRA owners make—and many don’t realize it until it’s too late.
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