Permalink Submitted by Alan - IRA critic on Tue, 2025-02-11 10:40
Take the RMD now and the 2025 RMD later this year. Both will be taxable in 2025. Once the 2024 late RMD is completed, a Form 5329 should be filed with the 2024 tax return to request that the penalty be waived for reasonable cause. There are only 4 lines to complete with the 5329, but they are not intuitive and the instructions for the 5329 should be reviewed. The IRS has been granting these waivers as long as the 5329 is completed correctly, and the RMD has been completed.
Permalink Submitted by tomd37 on Tue, 2025-02-11 21:05
Alan,
Your response to the question posed has not changed a bit , that is you have used the same wording over the years that I have been following you and all your helpful comments to various posters. Thanks for all your assistance on this on other forums where you participate and post.
Permalink Submitted by Alan - IRA critic on Tue, 2025-02-11 10:40
Take the RMD now and the 2025 RMD later this year. Both will be taxable in 2025. Once the 2024 late RMD is completed, a Form 5329 should be filed with the 2024 tax return to request that the penalty be waived for reasonable cause. There are only 4 lines to complete with the 5329, but they are not intuitive and the instructions for the 5329 should be reviewed. The IRS has been granting these waivers as long as the 5329 is completed correctly, and the RMD has been completed.
Permalink Submitted by tomd37 on Tue, 2025-02-11 21:05
Alan,
Your response to the question posed has not changed a bit , that is you have used the same wording over the years that I have been following you and all your helpful comments to various posters. Thanks for all your assistance on this on other forums where you participate and post.
Tom D.