Pre-SECUE Inherited IRA Missed RMDs
Hello,
IRA owner passed away in 2016 (87) and his son has missed RMDs since 2019. What are the options at this point? Close the account as a full distribution? Submit a letter to the IRS with multiple 5329s? Not sure on this…
Permalink Submitted by Alan - IRA critic on Wed, 2024-04-03 23:20
A total distribution will not resolve the potential excise tax. The RMD for each year should be calculated and distributed, then a 5329 filed for each year to request the penalty waiver. The IRS has been granting these waivers if the taxpayer self corrects. RMDs were waived in 2020.