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R. Greg Paszkiewicz
R. Greg Paszkiewicz, Enrolled Agent
Category: Tax
Satisfied Customers: 357
Experience:  9 years preparing tax returns - Marietta, GA
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Withdrawal of IRA required sum after December 31 st.

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Our Ira withdrawel for 2004 came back on January 4, 2005 due to our being out of town for the death and funeral of our son in law. Mu husband had used the incorrect form and they send him a new one which we did not receive until December 28 due to being away because of the death. Should we report it this year or report nothing this year and use that withdrawal for next year? We called the company where the money was invested and they said there was nothing they could do about it. Our financial advisor had no solution for us.
If this was not a required distribution (owner over 70 1/2 yrs old) then there is no problem you can just count it in the next year. But I assume since you are asking it was a required distribution that should have been made last year and not taking the money out will cause a 50% excise tax on the underwithdrawn amount. According to the IRS, if the excess accumulation is to a reasonable error (which i think this is) you should:

File form 5329 with your 1040
Pay any tax you owe on excess accumulations
Attach a letter of explanation

If the IRS approves your request they will refund the excess accumulations tax paid.
R. Greg Paszkiewicz, Enrolled Agent
Category: Tax
Satisfied Customers: 357
Experience: 9 years preparing tax returns - Marietta, GA
R. Greg Paszkiewicz and other Tax Specialists are ready to help you
Customer: replied 11 years ago.
Reply to R. Greg Paszkiewicz's Post: I need to go back to my question to print your answer. Thank you for your help

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