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Q.What can I do if I Forgot To Take My Minimum Withdrawal From My IRA?
A.An IRA owner must start taking the required minimum distribution from the IRA on or before April 1st of the year he or she turns 70½. The amount of the required minimum distribution is determined by the IRA owner’s age and the IRA account balance. If you forget to take one or more of the required minimum distributions, as soon as is practically possible withdraw all missed distributions. Thereafter you can prepare and file IRS Form 5329along with a request for a waiver of the penalty. The waiver request should provide a brief explanation as to why the IRS should waive the penalty. The IRS may waive the penalty if the taxpayer can show that the missed withdrawal was the result of poor health and/or forgetfulness and a family emergency.
IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained on this web site is not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed on a taxpayer under the U.S. Internal Revenue Service.
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