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A friend of mine insists two of his brokers told him there is a minimum 10% tax on a distribution from a traditional IRA. I have never heard of a minimum IRA tax.

And your point would be?

I wouldn't go to a broker for tax guidance any more quickly than for moral guidance. Why would you (or your friend) think the brokers know what they're talking about? In ordinary conversation they don't usually say the boilerplate, but you can bet that any official document that vaguely relates to taxes includes advice to seek guidance from your tax advisor.

Either the brokers, your friend, or all got confused. You're not.

Phil
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