rmd 50% excise tax remedy
Is there any remedy to avoid the 50% excise tax on failure to distribute the full amount of rmd for 2007?
Thank you
Is there any remedy to avoid the 50% excise tax on failure to distribute the full amount of rmd for 2007?
Thank you
Permalink Submitted by Al Fry on Mon, 2008-01-07 21:01
(1) Get the correct amount out ASAP; (2) file a 5329 form with the tax return, calculate the penaly, then request a waiver with some reasonable explantation of the error.