The IRS charges an excess accumulation penalty if a retirement account owner or beneficiary does not withdraw the required minimum distribution (RMD) for the year.

To avoid being taxed twice, notify your plan administrator and have excess contributions removed before tax day. Many, or all, of the products featured on this page are from our advertising partners ...

Sophie Venz is a former Deputy Editor at Forbes Advisor. She is an experienced editor and features reporter, and has previously worked in the small business and start-up reporting space. Previously ...