Late RMD for inherited IRA

74 year old client inherited a regular IRA from her father who died in 2015. There was no RMD received for 2017. Should I just file Form 5329 by itself for 2017 and request an abatement of penalty and see what the IRS says? Does she still have the option of life-expectancy payout or 5 year lump sum? Any other ideas?

Mark C.



She should take the late RMD right away, and then file the 5329 by itself outlining the “reasonable cause” for the omission. Then continue the life expectancy stretch as usual.

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