Nilodop wrote:Who pays if the abatement is denied?
JAD wrote:Brokerage house needs to calculate the amount he needs to take to make up for the past years and the earnings on those amounts. Then round up and take the distribution. File the forms (5329?) showing the waiver of the penalty. Attach a statement explaining that elderly client relied upon brokerage firm, who didn't properly notify him. Distribution of minimum amounts plus earnings has been made. Processes have been put in place to make sure this doesn't happen again. And therefore you request a waiver of the penalty.
You might receive a notice that the penalty waiver has been granted. You might not hear anything. So far, I've never received a reject letter on this followed by a penalty assessment.
JR1 wrote:Look near the bottom of the form, maybe page 2....there's a checkbox to request waiver. Happens all the time enough that they created this on the form!!
newbie wrote:I have someone that didnt take RMD the last few years and the brokerage house admitted they didnt contact him for the RMD. has anyone ever run into this problem? what should this person do? Thank you for your help
WBR wrote:For a missed 2021 RMD would you advise sending in the completed form 5329 with the e-filed personal income tax return or just send the form as a separate paper filing?
Personal return should be ready in a few weeks once Lacerte figures out what they’re doing with form 7203.
CorrectWhestsider wrote:I thought the Form 5329 had to be filed for each year that the RMD was missed?
NoWhestsider wrote:Is the advice suggesting that the taxpayer should file just one 5329 grouping all missing years together?
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