Each year select clients must withdraw minimim amounts from their qualified retirement plans. If you don’t the penalty is a severe 50% in addition to paying regular income tax on the withdrawal. Don’t let this happen to you. Every year thousands of taxpayers are hit with a heavy 50% penalty for not withdrawing enough money from their retirement plan(s). Here is what you need to know to ensure this does not happen to you or someone you know. Who is subject to Required Minimum Distribution (RMD) rules? Anyone who participates in a qualified retirement plan like IRAs (traditional, SEP, SARSEP,

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