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MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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My RMD was not taken out in 2010 because I assumed it would

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My RMD was not taken out in 2010 because I assumed it would revert to 2008 instructions. I am having it taken care of now, but what do I do about having the RMD apply to 2010?

Hi and welcome to JustAnswer:


As of December 31, 2010 you had excess accumulations in your IRA due to the lack of distributions. There is a penalty tax 50% of the excess accumulation amount. The penalty is calculated on page 2 of Form 5329 (link below). You can request a waiver of tax if you can justify the failure was due to a reasonable error. See page 6 of Form 5329 instructions, second link below.


MequonCPA and other Tax Specialists are ready to help you
Customer: replied 5 years ago.
I don't need additional information, but I would like to thank Mr Meyerson for his time and talents. I went to the web sites he provided and I think they will solve my problem.
Glad I could help!