RMD Deadline: Avoid IRS Penalties
Update: 2025-12-31
Description
Retirees and heirs of IRAs, beware of the looming year-end deadline for Required Minimum Distributions (RMDs)! Failure to take your RMD by December 31st could result in a hefty 25% penalty. A recent Vanguard report reveals that 6.7% of investors at RMD age missed their withdrawal in 2024, potentially costing up to $1.7 billion nationwide in penalties. The confusion surrounding recent law changes and IRS updates has led to these costly mistakes. However, theres hope: if you slip up, you can often reduce the penalty to 10% by correcting it within two years and filing the right IRS form. Financial experts advise taking your RMD as soon as possible to avoid penalties and work with the IRS. Checkout Solipillow.com
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