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I have a client that missed the deadline for their first Required Minimum Distribution (RMD) on April 1, 2016. They took the distribution within the month of April.
I have been told that it is important to notify the IRS as soon as possible of the error in order to get the penalties abated/waived. I have reviewed the Form 5329 instructions, but it does not appear that is a form that you file separately from a tax retrun (at least in this case) and it would require paying the penalty with the form.
Does anyone know how to notifiy the IRS of the error "as soon as possible" to request abatement of the penalties - in other words prior to the filing of the 2016 tax return?