Discussion:RMD required for both Taxpayer & Spouse?
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Discussion Forum Index --> Tax Questions --> RMD required for both Taxpayer & Spouse?
| 1 April 2009 | |
| Both taxpayer(H) & spouse(W) are well over 70.5 and have IRA's in their own names. In 2008, apparently on the advice of their son, who is also their investment advisor, only H took distributions, which in total were more than the RMD for both H & W. However, Publication 590 states that the owner of a traditional IRA must receive at least a minimum amount. Does W need to file Form 5329 to report the underpayment? (If yes, she will request a waiver of the 50% penalty.) | |
Death&Taxes (talk|edits) said: | 1 April 2009 |
| Yes, if you note, the 5329 is filed in the individual name. | |
| 3 April 2009 | |
| they should already know that their son is ignorant - at least about tax laws, that's why they're coming to you. | |
| 3 April 2009 | |
| "they should already know that their son is ignorant - at least about tax laws, that's why they're coming to you. "
Be nice now - I can tell it is getting close to the 15th. HA HA!! | |
| 3 April 2009 | |
| you're right, I'll change it to:
"Their son really messed them up, making mom subject to the 50% penalty for a missed RMD. Luckily they have a smart tax professional who can solve the problem (for a fee) that the son created. Maybe next year they will run everthing by you before doing something that affects their taxes." | |
| 3 April 2009 | |
| HA! I remember one of my Accounting Professors joking, saying "Students who are Finance majors are so because they can't pass accounting courses." | |
| 3 April 2009 | |
| I remember a saying: "Those that can't do, teach. Those that can't teach sell real estate." This was in the 1970's when my dad was a very unsuccessful real estate salesperson who would take substitute teaching jobs just to pay the light bill.
I have a much higher opinion of my father now that I have to pay the light bills, though. | |
Rgtaxservice (talk|edits) said: | 3 April 2009 |
| I have a much higher opinion of my father now that I have to pay the light bills, though.
One the same note, as a teen I never understood the big deal about leaving the back door open on a summer day while the air conditioner was running inside, or leaving lights on in empty rooms in case I had to walk into them...until I started utility bills as an adult. | |
