Sojourner
Thinks s/he gets paid by the post
- Joined
- Jan 8, 2012
- Messages
- 2,603
I recently found out that my elderly DF (who has dementia) did not withdraw his RMDs in 2021 or 2022, due to confusion about the changing requirements due to COVID, etc. He has been on Aricept since early 2021, and I have been doing his tax returns since then, as well. I didn't catch the "missed RMD" issue last year at tax filing time—nor did the H&R Block software I used to prepare his return—so I was surprised to find out via his domestic partner that DF's bank had sent him a letter to notify him about the issue.
I am unsure what to do about this, so I thought I would ask this knowledgeable group.
1) Was there indeed an RMD requirement for calendar years 2021 and 2022 for regular, non-inherited IRAs for people 72 and older? I know it was waived for 2020, but from what I've read it seems that that was a one-year, one-time exception.
2) What should I do at this point to rectify the problem? I have read that there is a form/letter I should fill out and submit to the IRS on DF's behalf explaining the situation, and that doing so frequently results in any penalties being waived. But should I go ahead and take care of the RMDs for the two missed years right away? Or send in the form/letter first and wait for a response?
3) My DF's domestic partner thinks I should go into the local bank branch and speak to the most senior, IRA-knowledgeable person I can find about this... but I'm hesitant. I don't have much confidence in local bank employees' familiarity with the latest IRS rules and regulations these days. What would you do?
Thanks in advance for any and all feedback and suggestions.
I am unsure what to do about this, so I thought I would ask this knowledgeable group.
1) Was there indeed an RMD requirement for calendar years 2021 and 2022 for regular, non-inherited IRAs for people 72 and older? I know it was waived for 2020, but from what I've read it seems that that was a one-year, one-time exception.
2) What should I do at this point to rectify the problem? I have read that there is a form/letter I should fill out and submit to the IRS on DF's behalf explaining the situation, and that doing so frequently results in any penalties being waived. But should I go ahead and take care of the RMDs for the two missed years right away? Or send in the form/letter first and wait for a response?
3) My DF's domestic partner thinks I should go into the local bank branch and speak to the most senior, IRA-knowledgeable person I can find about this... but I'm hesitant. I don't have much confidence in local bank employees' familiarity with the latest IRS rules and regulations these days. What would you do?
Thanks in advance for any and all feedback and suggestions.