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I filed my 2016 federal taxes and attached IRS Form 5329 and…

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I filed my 2016...

I filed my 2016 federal taxes and attached IRS Form 5329 and asked for a waiver on the tax on an RMD. We received the RMD (in 2017) late through no fault of our own but because of the financial company not getting the distribution completed in time. I received my tax return but the IRS did not provide any information if they would waive the tax. Who can I contact to verify the status of my request?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Not that I am aware of.

Submitted: 10 months ago.Category: Tax
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Answered in 7 minutes by:
4/26/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 10 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,530
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name's Lane.

...

I've been helping clients with these waivers for years, and have NEVER seen one NOT approved.

...

The bad new here is that it will take a number of months, and many times clients only know for sure by wait for three years where the statute of limitations on assessing a tax has passed.

...

Here's the information that you'll see on ANY of the software packages that bundle the 5329 and the abatemenr request letter:

...

"After submitting your request, you must wait for the IRS response. The IRS may respond to your waiver requests within a few months. If you have not heard from them in three years, they have granted the waiver."

...

You can certainly call the IRS individual number, and now that tax season is over the wait times MAY not be as bad... but you'll still likely need to curl up with a good book and be prepared to wait.

...

There IS a best practice here, however. It goes as follows:

...

  • Call the IRS: 1-***-***-**** hours 7 AM - 7 PM local time Monday-Friday
  • When calling the IRS do NOT choose the first option re: "Refund", or it will send you to an automated phone line.
  • So after first choosing your language, then do NOT choose Option 1 (refund info). Choose option 2 for "personal income tax" instead.
  • Then press 1 for "form, tax history, or payment".
  • Then press 4 "for all other questions."
  • Then press 2 "for all other questions."
  • --- When it asks you to enter your SSN or EIN to access your account information, don’t enter anything.
  • --- After it asks twice, you will get another menu.
  • Then press 2 for personal or individual tax questions.
  • It should then transfer you to an agent.

...

But again, that they have granted this (COMPLETELY against the grain for any other abatement request) is a safe assumption.

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 10 months ago

Please let me know if you have ANY questions at all, before rating me.

I hope you’ll rate me (using those stars, or faces on your screen, by clicking submit) based on thoroughness and accuracy, rather than any good news / bad news content.

Otherwise I’ll receive no compensation for the work here at all, from JustAnswer.

Thank you!

Lane

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents since 1986

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 10 months ago

Hi,

...

I’m just checking back in to see how things are going.

...

Did my answer help?

If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

...

But if you need more on this, please let me know.

Lane

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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,530
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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