Withdrawing from my ira account
I’m 73 and I got a letter from the government saying I have to withdraw a certain amount of money out of my acct
How can I do this if the banks are closed
And if I can’t do it now will I be penalized if I withdraw after the due date
Terry Says
Well, you don’t have to withdraw THIS year, since they have suspended RMDs for 2020. BUT, you should contact your IRA custodian (bank or mutual fund company) to find out if you were required to take one in the past (before the law changed to 72 to start RMDs). There are big penalties for failure to withdraw. Don’t worry about it now, but do contact the custodian when things settle down this summer.
