Missed RMD – next steps?
We have a client that informed us that they failed to take an RMD from one of their IRA’s and was looking for some advice going forward. I recall this happened to a client a couple of years ago and they 1. requested the missed RMD as soon as they realized they missed it and 2. filed a form with the IRS requesting forgiveness for any penalty.
Can anyone provide some insight.
Permalink Submitted by Alan - IRA critic on Wed, 2017-01-11 18:35
Assuming that they did not meet their total RMD from another of their IRAs, they should file Form 5329 after making up the delinquent RMD, and request that the penalty be waived for “reasonable cause” per p 8 of the 5329 Inst. here: https://www.irs.gov/pub/irs-pdf/i5329.pdf