Congress passed a law at the end of 2008 letting seniors off the hook for mandatory withdrawals from IRAs in 2009. Normally, seniors 70 1/2 and older are required to take part of their money out of the IRAs each year (so that Uncle Sam can get his cut). Failure to do so levies a hefty penalty of 50% of the amount that was supposed to be distributed. But at least for 2009, seniors won’t have to worry about it.
Article in USA Today
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