jlewis Posted April 8, 2015 Report Share Posted April 8, 2015 Has anyone had any success getting 50% penalty waived or reduced that resulted in failure to take out their RMD? I saw instructions on how to try for it, just wanted to know if it worked for anyone and what their "reasonable cause' may have been. Thanks for any input. Quote Link to comment Share on other sites More sharing options...
NECPA in NEBRASKA Posted April 8, 2015 Report Share Posted April 8, 2015 I've always been able to get it waived. Reasonable cause is that it was forgotten and that it has or will be remedied right away.I try to get my clients to have the withdrawal taken automatically so that it doesn't happen again. Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted April 8, 2015 Report Share Posted April 8, 2015 had one last year - no problem. Quote Link to comment Share on other sites More sharing options...
jasdlm Posted April 8, 2015 Report Share Posted April 8, 2015 I have always been able to get it waived, also. Just complete the form, take the penalty down to 0, and hit send! I, like NECPA, tell my clients to take it immediately. Quote Link to comment Share on other sites More sharing options...
Yardley CPA Posted April 8, 2015 Report Share Posted April 8, 2015 Had one last year and it was waived with no problems. Had another this year that I completed the 5329 and included it in the eiled return. Fingers crossed. Quote Link to comment Share on other sites More sharing options...
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