Having an IRA is one thing, but knowing the nuances of the rules surrounding IRAs is another thing. To ensure your misconceptions don’t cost you dearly, make sure you know about the following:
- The age-55 penalty exception;
- The five-year rule for 72(t) payments;
- The five-year rule for Roth IRA conversions;
- The five-year rule for Roth IRA qualified distributions; and
- The timing of non-spouse beneficiary RMDs.
If any of these concepts are unfamiliar, you may want to learn a little more about them by reading this article.