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Required minimum distributions (RMD) must begin for the year in which the account owner reaches age 72, unless an exception applies. Failure to comply with the RMD rules will result in the account owner owing the IRS a 50% excess accumulation penalty on any RMD shortfall. RMDs must also be taken from inherited accounts, and the process for determining RMDs for these accounts is more complex than those that apply to RMDs for non-inherited accounts. Interested parties must understand the compliance requirements that apply to RMDs to be able to assist in ensuring that penalties are avoided.
All practitioners advising clients on these complex issues.
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Denise Appleby is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA tools and resources for financial and tax professionals. She has over 17 years of experience in the retirement plans field, and has co-authored several books and written over 500 articles on retirement rules and regulations. Denise is also CEO of www.retirementdictionary.com , a free consumer website about retirement accounts rules and regulations. For more about Denise, visit her website at www.DeniseAppleby.com.
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