Retirees Who Miss This IRS Deadline Risk a Hefty Penalty

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Many retirees who turned or will turn 73 or older this year are up against a potentially costly tax deadline. Folks that age who own certain types of retirement accounts generally must withdraw what the IRS calls a “required minimum distribution,” or RMD, by Dec. 31 of every year. Those who miss their RMD deadline face a whopping 25% tax penalty — which could translate to hundreds or thousands…

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Karla Bowsher

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