Excess Accumulation Penalty Tax. If you do not meet the minimum distribution requirements as discussed in Articles IV and VIII of the Form 5305-A (1-98) Individual Retirement Custodial Account Agreement for any year, you will be subject to an IRS penalty tax of 50% of the amount that you were required to take as a distribution but did not take as a distribution. ESTATE TAX After your death, the balance in your IRA may be subject to an estate tax. You should contact your attorney or accountant for more details.
Appears in 3 contracts
Samples: Ira Custodian Disclosure Statement and Plan Agreement (Scudder Fund Inc), Ira Custodian Disclosure Statement and Plan Agreement (Scudder International Fund Inc), Ira Custodian Disclosure Statement and Plan Agreement (Scudder Equity Trust)
