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    RMD's

    I have a client who father passed away in October! Her and 3 other siblings where the beneficiary of the 401k. Fidelity is stating since he did not take the RMD, she took this year that the 50% penalty would take affect. However if he died in October, she has until 4/17 to decided what she wants to do with the 401k correct? Nothing I handle on a normal basises. Interesting topic.

    Thanks

    #2
    nope, they have until december 31st to take out the RMD.

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      #3
      When did the father turn 70 1/2?

      My reading of Pub 575 is that if the father was already taking required distributions, they need to take at least as much as called for under his schedule. But if not, they'll have until Dec. 31 of this year to decide which of the rules to apply.

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