Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

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

Highlighted
Level 1
 
Labels (1)
0 Cheers
1 Solution

Accepted Solutions
Highlighted
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.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.

View solution in original post

0 Cheers
2 Replies 2
Highlighted
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.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.

View solution in original post

0 Cheers
Highlighted
Level 15

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

Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches
0 Cheers