A new client came to me. He did not take a minimum required IRA distribution. I am going to file the form 5329 for him and file the waiver explanation statement. Does anyone know of the best thing to say where the IRS agreed with the waiver? The amount of the required distribution was $1410.00. Thank you for your help.
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If appropriate, mention age. Have the client commit to taking the $1410 NOW, along with their 2019 distribution and arranging for automatic annual distributions. As IronMaN state, make a truthful statement and include all steps to be taken to NEVER DO THIS AGAIN.
Here's wishing you many Happy Returns
I'm curious, has anyone ever gotten a letter from IRS for missing an RMD?
I cant say I've ever seen one, and I find it hard to believe none of the clients that have come through this office in the last 30 years never missed an RMD.
Has anyone ever seen a waiver explanation rejected? I just worry about the people who pay the penalty without even trying.
If the explanation is more than a sentence, it's probably too long. Well, OK, a two-sentence paragraph, with the second sentence "as soon as the mistake was recognized, the IRA withdrawal was made."