NT / Ron, my first story of 2012

[RitaB]

I took off Friday and Monday.

My only missed call, 12/30/11: "Hey, Rita, I had a quick question for year end taxes. If I have to take a RMD from my IRA for 2011, do I have to take it this year? Or, can I wait til 2012?"

No, I could not possibly make that up.

[Bees Knees]

Call the person back and say: "No, you have to take the RMD in 2011, and there is a 50% penalty tax for not doing it by December 31st."

Then keep silent and wait for a response. Then let us know how many seconds it took for the client to say something.

[Nashville]

Defies the Script

No, I could not possibly make that up.

You're right Rita. You could not have laid awake nights to make that one up.

[BOB W]

I got a call also on 12/30/11. My client said his mother is not doing well (83) and needs to go to a nursing home. What can I do to protect her assets? ???????????

He was disappointed in my information.

[appelman]

Rita's client's question may not be quite so stupid.

If it is the first RMD, it can wait until April 1, but, of course, they'll have to take a 2nd one in 2012.

[RitaB]

Call Five Minutes Ago

Caller: Would it help me to purchase equipment for 2011?

Me: It is too late to purchase equipment for 2011.

Caller: Oh, I already did. Just wondering if it would help me.

[RitaB]

Well

If it is the first RMD, it can wait until April 1, but, of course, they'll have to take a 2nd one in 2012.

The RMD question is a great question for JUNE.

The stupid part is waiting till the last business day of the year to ask. And, assuming this one person office is open on that day. Obviously, he thought he might have to make the withdrawal that very day.