Simple mistakes on your IRA can cost you dearly. Perhaps you accidentally doubled up on your IRA contribution for 2016. Did you forget to take your required minimum distribution and then notice the oversight when you were gathering the information to file your federal tax return? These mistakes can lead to penalties – up to 50% in the case of a missed required minimum distribution. Fortunately, you may be able to get the penalties waived by correcting the errors promptly. Contact us for details.
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