The penalty for missing a required minimum distribution (RMD) is one of the largest in the Tax Code. For years it was 50 percent of the amount that should have been taken but was not. That penalty was ...

All IRA owners have until July 15, 2020 to make IRA contributions for 2019 and pay early distribution penalties for 2019, but a few questions remain on deadlines and reporting for IRA providers. On ...

A trio of IRS forms can lead you astray regarding proper tax treatment of your retirement benefits. Form 5498 for inherited IRA: The first is IRS Form 5498, the "information return" your IRA provider ...

When someone passes away after age 70 1/2, the family needs to check to see if the deceased took out the required minimum distributions for the year from his IRA (individual retirement account). If ...

According to IRA expert Ed Slott (www.irahelp.com ), the penalty protection for missed required minimum distributions (RMDs) may not be as good as it seems. The SECURE 2.0 Act, passed at the end of ...

Last month, the Internal Revenue Service released its 2017 audit data for the 2016 tax year, during which the IRS audited almost 1.1 million tax returns, approximately 0.5 percent of all returns filed ...

Did you turn 70½ last year? While it's not a classic milestone, like 18, 21 or 65, it comes with its own rewards and responsibilities. According to the IRS, the year you turn 70½ is when you must ...

There's no denying the tax benefits of funding a retirement account, one of which is the compound effect of tax-deferred growth. But your money can't avoid the IRS forever. All too often, owners of ...

Q: I received an email from the IRS claiming that I am entitled to a refund from the 2020 tax year? Is this a legitimate IRS email? A: The email is fake. The IRS never communicates to taxpayers using ...

If you have put your hard-earned money in an individual retirement account (IRA) or any retirement account, then you know that you can’t leave it there forever. So, if you are 73 or older in 2023, you ...

Failure to take your RMD before the deadline results in an excise tax penalty equal to 25% of the amount not withdrawn. Prior ...

Investors older than 70 1/2 must withdraw an IRA required minimum distribution (RMD) from traditional/SEP/SIMPLE IRAs and 401(k)s by the applicable deadline--normally ...