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Level 1
December 7, 2019
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My client failed to take a RMD from their retirement account. I know the penalty is 50% but what form do I use?

  • December 7, 2019
  • 2 replies
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Best answer by IRonMaN

Form 5329 - but don't pay the penalty, ask for the waiver.  The IRS will waive the penalty for just about any reason if you ask.

2 replies

IRonMaN
IRonMaNAnswer
Level 15
December 7, 2019

Form 5329 - but don't pay the penalty, ask for the waiver.  The IRS will waive the penalty for just about any reason if you ask.

Slava Ukraini!
abctax55
Level 15
December 7, 2019

And pay attention to the fact your client will now have TWO distributions in 2019.  Monitor the withholdings/estimates as necessary.

HumanKind... Be Both