If you have an IRA that you have to take Required Minimum Distributions (RMDs) from, you need to do this every year by the end of the year.
So what if you forget one year?
The rule is that if you don’t take your RMD by the end of the year, you could be subject to a penalty of 50% of the amount of the RMD. If you’ve realized your error before the IRS has notified you, there are a few things you can do to try to resolve the situation.
The very first thing you should do is immediately …Read More