Tax Free distributions from IRA

[SunTaxMan]

I just had a client call to inquire as to how much he could take out of his IRA this year, "tax free." He has the understanding that IRS has some "forgiveness" program this year for tax liability of IRA distributions. I explained the "normal" exceptions, but reminded him they don't apply to him because he is 84 years old - the penalties/exceptions for under 59 1/2 don't apply.

Am I missing something about tax free IRA distributions this year?

Thanks,

[BulldogTom]

Perhaps he is thinking about Roth Conversions?

Tom

Lodi, CA

[Lion EA]

Or, about last year when he was not required to take his RMD (and not pay tax on the untaken distribution). Or, being able to transfer from his IRA to a charity. Or,.... Ask him where/when he heard it and more of the context in which he heard it.

[JohnH]

I hope he didn't hear this from his mechanic or hairstylist. After all, most clients recognize their superior knowledge of tax matters and it's really difficult to dissuade the client after they get info from those trusted sources.

[Jack from Ohio]

I hope he didn't hear this from his mechanic or hairstylist. After all, most clients recognize their superior knowledge of tax matters and it's really difficult to dissuade the client after they get info from those trusted sources.

Or from the most trusted source for tax information...

THE MEDIA!!