Tax Update Blog: Permalink
« Previous · Tax Update Blog Home · Next »
STILL WORKING AT 71? YOU STILL MAY NEED TO START COLLECTING RETIRMENT BENEFITS
May 25, 2005
The BenfitsBlog notes a common mistake made by business owners. If you own 5% or more of the business, you have to start taking distributions from the business retirement plan. This is different from non-owners, who get to defer payouts until they actually quit working.
She notes the severe consequences: a 50% penalty on the amount of the minimum required distribution you failed to withdraw.
Bookmark: del.icio.us • Digg • reddit
Tax Updates
Subscribe to Tax Updates
The items included in the Tax Update Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation.
Joe Kristan writes the Tax Update items, and any opinions expressed or implied are not neccesarily shared by anyone else at Roth & Company, P.C. Address questions or comments on Tax Updates to
Search Tax Updates
Friends and Neighbors
Economics Nerds
Hard-Core Tax Nerds
Gigablogs
Insurance Folk
Goners
Legislation
Tax Update Data Feeds
Comments
50%!!!!!! That's not a penalty, that's ROBBERY!
Posted by: Brent | May 25, 2005 7:46 PM