What is the name of your state? California
I was tardy in taking the 2006 RMDs for my deceased mother's IRAs and took them in Q1 of 2007. The IRS says to file Form 5329 and a letter of explanation for the tardiness to avoid the 50% penalty. My mother's accountant said to not send in the form but to wait to see if the IRS requests it. But the people at the IRS phone bank say that the form is required and that I must send it in. Should I be proactive and send in the form and letter or wait for the IRS to come knocking?
Thank you.What is the name of your state?
I was tardy in taking the 2006 RMDs for my deceased mother's IRAs and took them in Q1 of 2007. The IRS says to file Form 5329 and a letter of explanation for the tardiness to avoid the 50% penalty. My mother's accountant said to not send in the form but to wait to see if the IRS requests it. But the people at the IRS phone bank say that the form is required and that I must send it in. Should I be proactive and send in the form and letter or wait for the IRS to come knocking?
Thank you.What is the name of your state?