Don’t Pay Tax Penalties on Money You Took From Retirement Accounts

Retirement savers need to pay close attention to their income tax filings this year because of pandemic-related changes to rules for required withdrawals.

Even in normal times, the rules for mandatory minimum withdrawals can be confusing, and are even more so this year because of a mash-up of tax changes and virus relief programs. If you get things right, you can avoid paying unnecessary taxes, financial advisers say.