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What to Do When You Miss an IRA Required Minimum Distribution

DATE POSTED:November 10, 2019

The U.S. tax code is thousands of pages long. On the plus side, most of those pages won't apply to you or your individual tax-paying situation. On the minus side, even the parts that do apply are extensive, and wading through them can often leave a non-expert with more questions. Well, hosts Robert Brokamp and Alison Southwick named their podcast Motley Fool Answers for a reason, and the Oct. 29 episode -- the monthly mailbag show -- the co hosts have called in reinforcements to provide those tax answers: Motley Fool Wealth Management Director of Financial Planning Megan Brinsfield, CPA, CFP, and all-around fine human being.

In this segment, they pull a letter from a man trying to deal with two different IRA issues, one from each of his parents. Dad turned 70 1/2 last year and has missed the deadline for his first required minimum distribution. Mom, meanwhile, died in 2017, and her children aren't quite sure what that means for her IRA. Megan has some suggestions for what they should do now.

To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. To get started investing, check out our quick-start guide to investing in stocks. A full transcript follows the video.

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