ILLMAS Posted January 24, 2012 Report Share Posted January 24, 2012 Hello, hopefully someone can guide on this one, TP mother forgot to withdrawl RMD for 2010 and 2011, is there a way to correct this and avoid the 50%? FYI TP mother has had some health issues in the past years, can this help out? Thanks MAS Quote Link to comment Share on other sites More sharing options...
MAMalody Posted January 25, 2012 Report Share Posted January 25, 2012 If the mother is not the client of a preparer, including you, reasonable cause may work with the health issues. Otherwise, I think they may be stuck. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted January 25, 2012 Report Share Posted January 25, 2012 Don't have any who chose to use the exception, but wasn't a recent year -- 2010? -- allowed to skip RMD? Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted January 25, 2012 Report Share Posted January 25, 2012 I believe that was 2009 but I am not sure. Memory can be a tricky thing, and all these tax season have started running together - one doesn't stop before the next one begins! Quote Link to comment Share on other sites More sharing options...
MN2V Posted January 25, 2012 Report Share Posted January 25, 2012 You are in luck as both 2009 and 2010 were years that the RMD could be left in the IRA to "grow"... Quote Link to comment Share on other sites More sharing options...
taxit Posted January 26, 2012 Report Share Posted January 26, 2012 2010 did require a RMD. Quote Link to comment Share on other sites More sharing options...
MN2V Posted January 26, 2012 Report Share Posted January 26, 2012 My bad...thinking of Roth rollovers I guess... Quote Link to comment Share on other sites More sharing options...
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