What happens if I don't pay taxes on my withdrawals?
An example of an AI chatbot conversation about tax consequences on withdrawals.
What happens if I don't pay taxes on my withdrawals?
If you don't pay taxes on your withdrawals, you may face penalties, interest, and potential legal issues.
What kind of penalties are we talking about?
Penalties can include a failure-to-pay penalty, which is typically 0.5% of the unpaid tax per month, plus interest.
Can I avoid these penalties?
You might avoid penalties by filing your taxes on time and paying any owed amounts, or by setting up a payment plan.
What if I withdraw from my retirement account?
Withdrawing from a retirement account without paying taxes can lead to additional penalties, such as a 10% early withdrawal penalty.
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