50% Penalty For Ignoring This Withdrawal. If youre 70-1/2 or - TopicsExpress

50% Penalty For Ignoring This Withdrawal. If youre 70-1/2 or older, December 31 is the deadline for those with retirement plans to take their annual required minimum distribution from their accounts. If you fail to do this the penalty is 50 percent of the amount you should have withdrawn. Contact your financial planning professional to help answer any questions. You can also take up to $100,000 of your IRA distribution and have it go directly to charity. You avoid having to pay tax on the distribution but you do not get the charitable contribution either. Transfer needs to be done by 12/31/14 and qualifies as the RMD. ow.ly/GhKSG

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