mikeburg
Level 2
03-17-2024
10:04 PM
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What procedures need to be done when a taxpayer misses get their 2023 IRA RMD, (required minimum distribution)?
The IRA was transferred from one brokerage firm to another one during 2023. The old brokerage firm failed to take out the
RMD and the new brokerage firm filed to do so too.
The taxpayer was totally unaware until after January 1st, 2024, since it was usually deposited in the account held at the same brokerage firm as the IRA account.
What steps does the taxpayer need to take?
Are either of the brokerage firms liable for the 50% penalty?
Is the tax preparer subject to penalty if the taxpayer wants to ignoe the missed requirement?
Thank you for any & all help.
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