MISSED RMDs
We have a new client who inherited his fathers IRA back in 2015 (father DOB 12/2/1937 DOD 5/5/2015) and hasn’t and didn’t know that he had to withdraw RMDs since 2016. What if anything can be done? I don’t even know if we can figure out how much his RMDs would have been. Maybe he can call the custodian of the Inh IRA and get what the RMDs were for all those years.
Any suggestions?
Permalink Submitted by Alan - IRA critic on Mon, 2025-04-21 13:35
The IRA balance at the end of each year will have to be determined and the missed RMDs made up except for 2020 when RMDs were waived. Once made up a 5329 with 1040X will have to be filed to request that the penalty be waived for reasonable cause. Perhaps the IRA custodian can provide a copy of the year end statements if the client did not save them.