A client age 73 fails to take their Required Minimum Distribution (RMD) for the year. What is the penalty for the missed RMD under current law (post-SECURE 2.0)?
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A
50% of the amount not withdrawn
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B
25% of the amount not withdrawn, reducible to 10% if corrected timely
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C
10% of the amount not withdrawn
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D
No penalty if corrected within 60 days