IRS Form for RMD Penalty Waiver

Submitted by Robert Wright on Fri, 2020-03-13 15:13

I failed to withdraw the entire RMD I was required to take in 2019.

Is there a specific IRS form I should use to request a waiver from the 50% penalty?

Or do I just write a letter, summarize the situation, include a statement showing the 2019 RMD was completed in 2020, and throw myself on the mercy of the IRS?

Thank you in advance.



Submitted by Alan - IRA critic on Fri, 2020-03-13 16:56

  • The IRS will almost always waive this penalty. First, make up the late RMD with a separate distribution if possible. Copy the IRA month end statement showing that distribution and then complete Form 5329, last section of 4 lines. However, the last 2 lines are not intuitive, so review the Form 5329 Inst showing how to complete those last 2 lines. Mail to IRS with brief statement indicating why you missed the RMD. They accept anything, even “I forgot”, but use a better reason if you have one.
  • https://www.irs.gov/pub/irs-pdf/i5329.pdf

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