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Pay Attention to Required Minimum Distribution Rules

Taxpayers over the age of 70 ½ must take withdrawals from their retirement accounts before the end of the year in order to avoid a penalty. The penalty is 50% of the amount that should have been withdrawn and wasn’t. A table that factors in your age and your spouse’s age (if applicable) is available in IRS publication 590. The factor is then multiplied by the total of your IRA assets. Your retirement advisor or our office can help you calculate the correct distribution for the year.

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January 8, 2016

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Providence, UT 84332

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