So why not I say.
The Rules Pick up the nearest book of 123 pages or more (no cheating!) Find page 123 Find the first five sentences Post the next three sentences.
First (because it won’t make sense if I don’t) I’ll do sentence 1, then I’ll do sentences 6-8. (And of course, sentences 6-8 are going to make so much sense after reading sentence 1).
Sentence 1 (which isn’t really a sentence — it’s just a heading)
What Acts Result in Penalties or Additional Taxes
- Taking early distributions
- Allowing excess amounts to accumulate (failing to take required distributions).
There are penalties for overstating the amount of nondeductible contriutions and for failure to file a Form 8686, if required.
FYI — the book is my Jan. – April bible IRS Publication 17 Your Federal Income Tax For Individuals.
And page 123 is in Chapter 17 (Individual Retirement Arrangements IRAs)
And, just in case you’re wondering (and I’m sure you weren’t) not only is the paper copy of this book the closest book to me — I *ALSO* have the pdf file right on my desktop (and I regularly flip back and forth between the pdf and paper copies).
67 days, 12 hours, 43 minutes til midnight on April 16 (but who’s counting?)
TPGoddess — aren’t you glad you asked?