Permalink Submitted by Alan - IRA critic on Mon, 2022-05-02 23:12
No, unless you are referring to the 50% excess accumulation penalty for failing to take an RMD. This penalty has always existed, but the IRS has been granting waivers of the penalty to just about anyone who discovers a shortfall, makes it up, and then files Form 5329 to request the penalty be waived.
Permalink Submitted by Norman Cook on Wed, 2022-05-04 14:25
Maybe. Triditional IRA are taxed as regular income (since you did not pay taxes when you deposited the money in the IRA) the top rate is 37% plus 3.8% for the health insurance Plus taxes on Social Security. Early withdrawal add 10% penitaly.
Permalink Submitted by Alan - IRA critic on Mon, 2022-05-02 23:12
No, unless you are referring to the 50% excess accumulation penalty for failing to take an RMD. This penalty has always existed, but the IRS has been granting waivers of the penalty to just about anyone who discovers a shortfall, makes it up, and then files Form 5329 to request the penalty be waived.
Permalink Submitted by Norman Cook on Wed, 2022-05-04 14:25
Maybe. Triditional IRA are taxed as regular income (since you did not pay taxes when you deposited the money in the IRA) the top rate is 37% plus 3.8% for the health insurance Plus taxes on Social Security. Early withdrawal add 10% penitaly.