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My client failed to take a RMD from their retirement account. I know the penalty is 50% but what form do I use?

taxdog65
Level 1
 
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IRonMaN
Level 15

Form 5329 - but don't pay the penalty, ask for the waiver.  The IRS will waive the penalty for just about any reason if you ask.


Slava Ukraini!

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2 Comments 2
IRonMaN
Level 15

Form 5329 - but don't pay the penalty, ask for the waiver.  The IRS will waive the penalty for just about any reason if you ask.


Slava Ukraini!
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abctax55
Level 15

And pay attention to the fact your client will now have TWO distributions in 2019.  Monitor the withholdings/estimates as necessary.

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