A taxpayer who is required to take an RMD from their retirement plan fails to take the
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Question:
- A taxpayer who is required to take an RMD from their retirement plan fails to take the full amount of $5,000 for TY2023. They realize this as they are filing for TY2023, having only pulled $2,500 of the needed $5,000 RMD value. They intend on pulling the required RMD for TY2024 and the remaining $2,500 for TY2023 in TY2024 and timely filing that return. When the dust settles; What is the amount of the penalty on that RMD that they are likely going to have to pay? Select one:
- a. $1,250
- b. $625
- c. $250
- d. $0
Related Book For
Business Forecasting with Forecast X
ISBN: 978-0073373645
6th edition
Authors: Holton wilson, barry keating, john solutions inc
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