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What to do: Missed the April 1 deadline for first RMD

Fellow I know turned 70.5 in 2013. He thought he could delay RMD's from his IRA because he is still working. Since that is not the case, what does he do now, since he is 2 months late? Can he avoid the 50% penalty at this point?

Reply to
gindie
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  1. He needs to immediately take the 2013 RMD. 2. He will need to complete the 2013 Form 5329 Part VIII requesting relief. This form can be filed by itself. He needs to attach a letter explaining why he missed the 4/1/14 deadline.

The IRS has been pretty lenient for those who missed the first RMD. Lastly, remind him that he must take his 2014 RMD no later than 12/31/14.

Reply to
Alan

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