Reported about 9 hours ago
With approximately 58 million U.S. households holding IRAs, mistakes in managing these accounts can lead to significant tax penalties. Denise Appleby, a retirement expert, emphasizes the importance of reviewing IRS Form 5498 to avoid common errors such as misclassifying account types and overlooking required minimum distributions (RMDs). Annual self-audits are recommended to ensure compliance and accurate reporting, which can help IRAs maintain their intended tax benefits while potentially saving investors from costly mistakes.
Source: YAHOO