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Current tax law specifies that once you reach age 70-1/2 you must begin making taxable withdrawals from your IRAs and many other retirement plans. These minimum distributions are calculated annually based on your age, plan balance at the end of the previous year, marital status and spouse's age. If you do not meet the annual minimum distribution, you may be subject to a 50% penalty on your underpayment, plus ordinary income tax as the funds are withdrawn.
At Maginnis & Carey, LLP, we’ve been serving the needs of the greater Portland Metropolitan area for over 75 years. If you need help managing your business finances please fill out this form and let us know how we can be of service.
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