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Big IRS Penalties For RMD Errors And How To Get Them Waived

Wednesday, April 24, 2013 - 2:23 PM
This article from NJ.com is useful if you ever mistakenly fail to take an IRA RMD. If you’re not careful, the mistake can be costly. According to the article:
Failing to take a required Minimum distribution from an IRA can be one of the most expensive errors you can make.
 

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4
Ken TuminKen Tumin5,467 posts since
Nov 29, 2009
Rep Points: 124,996
1. Sunday, April 28, 2013 - 4:08 PM
I think all seniors who have depended on the "other" spouse to handle all the taxes and finances need to have the IRS or some gov agency send them a letter each year just stating "Did you REMEMBER to take your RMD for this year?"  The reason I think I am really still alive is because I cannot believe my DP is going to remember to do it.  It has nothing to do with his not wanting to pay taxes on it but just because he will forget to read the "ledger" I typed for him explaining all the things he has to do if I am no longer here.  I don't think to this date, he has even looked at the ledger much less "read" it!   And this can be vice versa if a man leaves behind his spouse who depended on him to take care of it all.  Maybe I can "haunt" my DP and throw the ledger at him while he sleeps! :)
3
paoli2paoli21,365 posts since
Aug 10, 2011
Rep Points: 5,982
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