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Don’t Pay Tax Penalties on Money You Took From Retirement Accounts

By Ann Carrns March 05, 2021 The New York Times

Here’s a guide to avoiding unnecessary taxes on withdrawals made last year.

Retirement savers need to pay close attention to their income tax filings this year because of pandemic-related changes to rules for required withdrawals.

Even in normal times, the rules for mandatory minimum withdrawals can be confusing, and are even more so this year because of a mash-up of tax changes and virus relief programs. If you get things right, you can avoid paying unnecessary taxes, financial advisers say.

“The stakes are high,” said Cheryl Costa, a CERTIFIED FINANCIAL PLANNERTM  professional near Boston.


The New York Times
By Ann Carrns
March 5, 2021

Cheryl Costa, CFP® is a CFP Board Brand Ambassador.