Last December, I wrote about the importance of reviewing required minimum distributions when an IRA owner dies over the age of 70 1/2, and warned that it’s important to seek tax advice, because the rules aren’t so straightforward. This column is an important update that goes through how to actually fill out a tax form if you miss taking the RMD on time and want to get a waiver of the tax penalty. Look for the paragraph about line 54 of Form 5329, and thank you, Natalie Choate, for providing the correction. If you would like to see a sample of the form filled out correctly, go to juliejason.com (hover over Columns, click on For Readers).
from Business https://www.ctpost.com/business/article/Julie-Jason-Deceased-IRA-owner-Check-the-final-12703766.php
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