Topic Thread

1.  Missed RMD - Broker failed to timely distribute requested RMD

Posted 7 days ago
Is there a remedy for a bank or broker who failed to timely distribute the minimum RMD that was correctly requested by the IRA account holder?
Thank you for any guidance you can offer.
Debbie


2.  RE: Missed RMD - Broker failed to timely distribute requested RMD

Posted 7 days ago
​If the broker is registered with FINR they have a complaint process. See their website.

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Frank Sands
SANDS GILILLAND & COMPANY, PC
Plano TX
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3.  RE: Missed RMD - Broker failed to timely distribute requested RMD

Posted 6 days ago
​Yes, Lacerte also has a section to enter a reason for the waiver of the 50% penalty for Form 5329, Section 9.  Taxpayer must take the distribution upon realization of the error.

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Honorine Campisi CPA
SANDRA G. JOHNSON, CPA
Bellmore NY
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4.  RE: Missed RMD - Broker failed to timely distribute requested RMD

Posted 7 days ago
I believe you can request waiver of the 50% penalty, when filing tax return.  I think I did it on ULTRATAX for a client a few years ago, it left off the penalty amount, I included an explanation, and client never heard from IRS.