Discussion:RMD required for both Taxpayer & Spouse?

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{{ForumReplyPost|UserID=Kevinh5|Date=3 April 2009|Text=they should already know that their son is ignorant - at least about tax laws, that's why they're coming to you.}} {{ForumReplyPost|UserID=Kevinh5|Date=3 April 2009|Text=they should already know that their son is ignorant - at least about tax laws, that's why they're coming to you.}}
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 +{{ForumReplyPost|UserID=Dnc0716|Date=3 April 2009|Text=''"they should already know that their son is ignorant - at least about tax laws, that's why they're coming to you. "''
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 +Be nice now - I can tell it is getting close to the 15th. HA HA!!}}

Revision as of 15:01, 3 April 2009

Discussion Forum Index --> Advanced Tax Questions --> RMD required for both Taxpayer & Spouse?
Discussion Forum Index --> Tax Questions --> RMD required for both Taxpayer & Spouse?

Rls1 (talk|edits) said:

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.

Taxea (talk|edits) said:

3 April 2009
And the accounts, no doubt, are separate as well. taxea

Kevinh5 (talk|edits) said:

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.

Dnc0716 (talk|edits) said:

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!!

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