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In 2009 the IRS temporarily suspended the requirement that taxpayers who have reached the age of 70 ½ make minimum distributions from their IRAs or qualified plan accounts. That provision has expired.
It will be necessary for affected taxpayers to resume or in some case begin making required minimum distributions (RMDs) in 2010. If the RMD is not made and one was required by law, taxpayers could be subject to the imposition of substantial penalties.
Please contact our office if you feel that you need any assistance regarding this matter.
Posted: June 2010