The IRS requires that individual retirement account (IRA) owners start taking minimum distributions from the account once they reach age 70 1/2.
Failure to take the mandated withdrawal triggers a 50% tax penalty on the amount that should have been taken out.
The financial crisis has prompted the government to approve a one year suspension of the required minimum distribution rule.
The article referenced at the bottom of this page provides very good information about IRA withdrawal rules and the temporary suspension.
Source: Associated Press
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