A taxpayer takes out a distribution to satisfy their need to make RMDs on their account. In

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A taxpayer takes out a distribution to satisfy their need to make RMDs on their account. In doing so, they pull out $5,000. They actually needed to pull out $8,000 and the IRS assesses and collects a $750 excess accumulation penalty. The taxpayer corrects the issue the following year and seeks a refund for abiding by the rules and correcting the mistake.

How much should they receive in a refund for doing so within the appropriate window of time?

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Fraud Examination

ISBN: 978-1305079144

5th edition

Authors: W. Steve Albrecht, Chad O. Albrecht, Conan C. Albrecht, Mark F. Zimbelman

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Posted Date: Mar 25, 2024 11:42 PM

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A taxpayer takes out a distribution to satisfy their need to make RMDs on their account. In

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The taxpayer pulled out 5000 when they needed to pull out 8000 resulting ... View the full answer

Fraud Examination

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