excess IRA contributions

IRS Turns Attention To IRA and RMD Mishaps — And It Can Cost You

Posted on 07/2/2012 by |Money and Work | Comments

Bulletin Today | Money & SavingsThe dreaded tax man is about to make life difficult for people who don’t take the required minimum distributions (RMD) from their retirement accounts, which  typically starts at age 70, and for IRA investors who may be socking away more in tax-free savings than they’re allowed. The crackdown on IRA errors by the Internal Revenue Service is part of an effort to bring in millions of dollars in tax penalties that go uncollected each year, reports smartmoney.com. Some 46 million …