Beneficiary Roth IRA
If required distributions don’t occur from a beneficiary Roth IRA for a period what is the corrective step?
Thanks,
If required distributions don’t occur from a beneficiary Roth IRA for a period what is the corrective step?
Thanks,
Permalink Submitted by Alan - IRA critic on Thu, 2020-01-16 15:15
Same as for TIRAs. The late RMDs must be calculated and distributed ASAP. Form 5329 must be filed for each year that was late with a request to waive the penalty for “reasonable cause”. The IRS will routinely grant this waiver, but they may not if they discover the error before the taxpayer does. Roth beneficiary IRA distributions are normally non taxable barring unusual circumstances.