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The penalty may be waived if you can establish that the shortfall in distributions was due to reasonable error and that reasonable steps are being taken to remedy the shortfall. You need to withdraw the required amount as quickly as possible.
In order to qualify for this relief, you must file Form 5329 and attach a letter of explanation. You will be telling the IRS in your explanation that you took it out as soon as you knew or realized and point point out your past compliance.
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