California Society of CPAs
Home       Members    Calendar    Who's On
Welcome Guest ( Login | Register )
        

Home » CalCPA Discussion Forum » Estate Planning » missed mrd

missed mrd Expand / Collapse
Author
Message
Anonymous
Posted 1/20/2007 2:48:56 PM




IRA holder died in 2005, spouse rolled IRA over to her own. She did not take the required minimum distribution in 2006. Spouse dies in Jan 07. How do we handle the 50% penalty and do the beneficiaries have to take the required minimum distribution for 2007 and the missed one for 2006?
Post #310
Posted 1/23/2007 11:04:55 AM
Power Member

Power MemberPower MemberPower MemberPower MemberPower MemberPower MemberPower MemberPower Member

Group: Forum Members
Last Login: 3/12/2011 12:58:57 PM
Posts: 147, Visits: 823
The minimum distribution for 2007 should be taken by the beneficiaries by 12/31/2007.

The 2006 distribution should be taken if you want to get the 2006 penalty waived. Form 5329 should be attached to Mom's 2006 return and a waiver requested. IRS cannot waive the penalty unless the distribution is taken.

Mary Kay Foss

Post #312
« Prev Topic | Next Topic »


All times are GMT -8:00, Time now is 4:03am

Powered by InstantForum.NET v4.1.4 © 2012
Execution: 0.094. 9 queries. Compression Disabled.