Retirees Who Miss This IRS Deadline Risk a Steep Fine

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Many retirees age 72 or older are up against a potentially costly tax deadline. Folks that age who own certain types of retirement accounts generally must withdraw what the IRS calls a “required minimum distribution,” or RMD, by Dec. 31 of every year, as the IRS recently reminded taxpayers. Those who miss their RMD deadline face a whopping 50% tax penalty — which could translate to hundreds or…