Fully Annuitized and RMD’s
I annuitize my only IRA asset late in the year and the income payments do not satisfy my RMD for the year. How would the IRS require the additional payment to be made and would there still be a 50% penalty for failure to meet RMD requirements?
Permalink Submitted by Alan Spross on Fri, 2008-11-07 23:45
Please provide following info:
1) Date of first payment prior to or after your required beginning date?
2) Form of annuity – single life, joint and survivor with spouse beneficiary, or joint and survivor with non spouse beneficiary.
3)Payment interval – monthly, quarterly, annually?
Permalink Submitted by Jack Butler on Mon, 2008-11-10 14:19
November, Single Life, and Monthly. Thanks for your help with this. Also, can you elaborate on how the different option chosen might affect the IRS’s penalty treatment.