Music, welcome back to the Income Generation, the show where we share valuable information for the critical period in life when you're either in or approaching retirement. I'm David Branson, your host, and I'm glad you're joining us. I urge you right off the bat to pay very close attention to today's show. Maybe even call a friend or encourage them to watch. Here's why: we're going to be talking today about required minimum distributions or RMDs for short. This may not sound very exciting, but the more you know about it, the more likely you are to spare yourself frustration and save money by watching today's show. And by the way, it's a subject you're probably going to have to deal with at some point. The earlier you start to prepare, the better off you are. There's no avoiding it if you have retirement savings. Once you're past the age of 70 and a half, you'll have to take RMDs and pay taxes on those distributions. It's crucially important that you take them correctly. Why? Because the penalty for not taking sufficient RMDs each year after age 70 and a half is a whopping 50%. Avoiding costly missteps like that is one of the things you're going to learn about on today's show, but that's just the tip of the iceberg. Although there may be no avoiding RMDs, there are ways of making sure that your own RMDs truly are the minimum. Even more importantly, there are ways of making sure that your RMDs are satisfied with no unnecessary burden or risk to your overall savings or retirement income plan. You'll learn a lot more about that later in the show, but first let's cover some of the basics that you need to know about this subject. First, why...
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5329 reasonable cause Form: What You Should Know
IRS Form 5329: Additional Taxes on Qualified Retirement Sep 14, 2022— To find out what form is used to obtain a penalty waiver, use IRS Form 5329. IRS Special Rules Oct 21, 2024 — IRS Special Rule, Nov 6, 2024 — Notice that a penalty of 200 per distribution in IRS Form 5329: Additional Taxes on Qualified Retirement May 6, 2024 — Form 5329 is used to calculate possible IRS penalties from the situations listed above and possible a waiver. The form is IRS Form 5329: Additional Taxes on Qualified Retirement Dec 6, 2024 — Notice that a penalty of 200 per year in a distribution in IRS Form 5329: Additional Taxes on Qualified Retirement IRS Special Rules for Distributions March 29, 2024 — Notice that a penalty tax of 30 per distribution is imposed in IRS Form 5329: Additional Taxes on Qualified Retirement IRS Special Rules on Roth IRA Distributions April 14, 2024 — IRS notice and instructions for Form 5329. IRS Special Rule is applied January 27, 2024 — Notice that a penalty of 1,000 per distribution (including a 1,000 withholding tax) in a Distribution in an IRS Form 5329: Additional Taxes on Qualified Retirement IRS Special Rules for Roth IRA Distributions January 12, 2024 — IRA owners are notified that a penalty for distributions is imposed, and those who made multiple distributions for 2010, 2011, 2012, and 2024 will only be subject to a penalty of 200 per distribution.
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