Form 5329 re failure to take RMD
Re Form 5329, re failure to take RMD from IRA if over age 70.5, is there also a state income tax form for California for this?
Re Form 5329, re failure to take RMD from IRA if over age 70.5, is there also a state income tax form for California for this?
Permalink Submitted by Alan - IRA critic on Mon, 2015-01-19 04:40
Could be wrong, but I do not think that CA has a separate excess accumulation penalty for late RMDs. The fed penalty is a massive 50% of the shortfall. Are you being advised that CA has a separate penalty? NOTE: CA does their own early withdrawal penalty and their own form to report that, but there is nothing on that form regarding excess accumulation.