If You Just Turned 70, Check Your Retirement Account to Avoid IRS Fines

The fine will be half of what you should have withdrawn.

You have until April 1st to avoid it.

The IRS enforces minimum distribution rules that force you to take money out after you reach 7012years of age.

This is done in an effort to keep people from never taking money out of a taxable retirement account.

If you were born between July 1943 and June 1944, that means you.

Don’t Get April-Fooled by This Very Costly IRS Tax Trap| Daily Finance

Photo byGabriel Rocha.