Failure to Withdraw an RMD. If you do not withdraw your RMD by its required distribution date, you will owe a 50 percent excess accumulation penalty tax on the amount not withdrawn. You can always take more than your RMD in any year but no additional amounts can be credited to a subsequent year's RMD.
Appears in 4 contracts
Samples: Customer Agreement, Customer Agreement, Customer Agreement
Failure to Withdraw an RMD. If you do not withdraw your RMD by its required distribution date, you will owe a 50 percent excess accumulation penalty tax on the amount not withdrawn. You can always take more than your RMD in any year but no additional amounts taken can be credited to a subsequent year's RMD.
Appears in 3 contracts
Samples: Customer Agreement, Customer Agreement, Traditional Individual Retirement Custodial Account
