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SEPP (72-t) Failed - Forgiveness of Penalty

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    #1

    SEPP (72-t) Failed - Forgiveness of Penalty

    Anyone on this forum ever have any luck getting a penalty for a busted SEPP plan? My client did just fine for the first 4 years, then in year 5 they had to withdraw extra to cover some emergency home repairs. Talk about a mess - now they have to pay the penalty for all 5 years, plus interest, etc. So close, yet now so far away...

    I'm going to try a letter to IRS that will make them cry, but just curious if anyone on this forum had had any luck with that approach in this particular situation.
    "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith
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    #2
    No, nothing like a plan penalty. A time or two penalties were abated for little things. One time a client wrote a request for no penalty for late taxes and got it. But, does the IRS still do that one time penalty abatement? That may be worth a try. I got thousands off for one of my clients by this provision. It was just timing, I did't do anything but call up.
    JG

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