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    Mrd

    I Am New To The Forum So Bear With Me Please. My Question Is: Taxpayer Has Been Receiving A Minimum Required Distribution And Is Now Deceased. Spouse Is Not 701/2 And The Financial Institution Did Not Send Her Notice That She Was Getting The Mrd. Is She Liable For The 50% Penalty. Thank You

    #2
    What is the question?

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      #3
      Originally posted by joanmcq View Post
      What is the question?
      Here's the poster's question, (welcome, brownertax) though I don't know the answer.

      Originally posted by brownertax

      Is She Liable For The 50% Penalty.
      PS- Maybe a waiver available- TTB 13-24, Form 5329.
      Last edited by BP.; 01-29-2009, 12:45 PM.

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        #4
        If you're talking about a IRA--here is some information from page 13-24 TTB

        Beneficiary can leave the IRA in the name of the deceased
        participant’s IRA and continue to treat himself or herself as a
        beneficiary of the IRA. RMD is determined under one of the
        following:
        • If the decedent was already receiving RMD at the time of
        death, the beneficiary can take out the distributions over the
        longer of:
        – The beneficiary’s own life based on the Single Lifetime Table
        using the age of the beneficiary as of his or her birthday
        in the year following the year of the decedent’s death, reduced
        by one for each subsequent year, or
        – The decedent’s life based on the Single Lifetime Table using
        the age of the decedent as of his or her birthday in the year
        of death, reduced by one for each subsequent year since.

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