What are the Required Minimum IRA Distributions (RMD's) for 2014?
Taxpayers are required to begin start taking the required minimum distributions(RMD's) from their traditional IRA's once they reach Age 701/2.
If a taxpayer has more than 1 traditional IRA accounts, he or she can satisfy the RMD for each of the IRA account by taking the total amount from one of the accounts.
If the taxpayer fails to take his or her required share of the RMD, then the IRS may impose a very harsh 50% Penalty on the excess accumulation.
Of course, in every case, the IRS can abate this penalty if the taxpayer can demonstrate certain attempts to correct this error!