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http://www.investopedia.com/printable.asp?a=/articles/retirement/05/011005.asp
There's no denying the tax benefits of funding a retirement account, but our money can't avoid the IRS completely forever. That's why owners and beneficiaries of Traditional, SEP & SIMPLE IRAs, qualified plans and 403(b) accounts must distribute a minimum amount by their required minimum distribution (RMD) deadline Failing to withdraw your RMD by the applicable deadline may result in you owing the IRS an excise tax of 50% of the RMD shortfall. If for any reason you miss your deadline, there are some steps you must take.
Conclusion
Missing your RMD deadline can be a frustrating and costly mistake. To ensure it does not happen, take the necessary steps to make sure your withdrawal occurs by the applicable deadline. This includes making arrangements with your custodian for systematic or automatic withdrawals to occur on a predetermined date, submitting your withdrawal requests at least two months before the deadline and checking your statements to ensure the correct amount was distributed from your account. Submitting your requests early allows sufficient time for any necessary adjustments. Talk to your financial institution about other ways they can help you to satisfy your RMD requirements.
There's no denying the tax benefits of funding a retirement account, but our money can't avoid the IRS completely forever. That's why owners and beneficiaries of Traditional, SEP & SIMPLE IRAs, qualified plans and 403(b) accounts must distribute a minimum amount by their required minimum distribution (RMD) deadline Failing to withdraw your RMD by the applicable deadline may result in you owing the IRS an excise tax of 50% of the RMD shortfall. If for any reason you miss your deadline, there are some steps you must take.
Conclusion
Missing your RMD deadline can be a frustrating and costly mistake. To ensure it does not happen, take the necessary steps to make sure your withdrawal occurs by the applicable deadline. This includes making arrangements with your custodian for systematic or automatic withdrawals to occur on a predetermined date, submitting your withdrawal requests at least two months before the deadline and checking your statements to ensure the correct amount was distributed from your account. Submitting your requests early allows sufficient time for any necessary adjustments. Talk to your financial institution about other ways they can help you to satisfy your RMD requirements.