How easy is rmd waiver to get?

Question

Client age 83 has always taken his rmd on time.  This year some kind of miscommunication with custodian (Fidelity) resulted in it not being taken out.  Didn't realize it until saw January statements  Called Fidelity immediately,rmd now out that should have been 2014.  Will file waiver request on form 5329 - how likely to be granted?  Any other tips?

suzonka · Accepted Answer

I would contact  a fidelity representative , they are very helpful

Anonymous · Answer

Rmd Waiver

Anonymous · Answer

When you write the letter, mention that the RMD for 2015 has been taken out. The IRS is looking for future compliance.

There is no need to take out two RMDs in 2015, just be sure that the total is more than the % of the 12/31/2014 balance required.

Rob · Answer

Um you are a tax preparer don't ask us here. We are not getting paid.

okiknowit · Answer

It depends.  IRS is often quite reasonable, if it is a first time event.

How easy is rmd waiver to get?

5 Answers