Discussion:RMD required for both Taxpayer & Spouse?
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| Revision as of 15:32, 3 April 2009 Kevinh5 (Talk | contribs) (you're right, I') ← Previous diff |
Revision as of 15:37, 3 April 2009 Dnc0716 (Talk | contribs) (HA! I remember o) Next diff → |
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| "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."}} | "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."}} | ||
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| + | {{ForumReplyPost|UserID=Dnc0716|Date=3 April 2009|Text=HA! I remember one of my Accounting Professors joking, saying "Students who are Finance majors are so because they can't pass accounting courses." }} | ||
Revision as of 15:37, 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?
| 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." | |
