You’ll owe a 25% penalty on the required amount that was not withdrawn. If you correct the mistake in a timely manner, the penalty may be reduced to 10%. The IRS may also waive penalties for documented reasonable cause.
You’ll owe a 25% penalty on the required amount that was not withdrawn. If you correct the mistake in a timely manner, the penalty may be reduced to 10%. The IRS may also waive penalties for documented reasonable cause.