My Aunt passed away in December of 2017, she was 63 at the time, and wasn't taking RMDs. She had an IRA where I was the beneficiary but I wasn't aware of it until 2024. In 2024 I took a full withdrawal and closed it out. It was only $1700. I am reading that I should have been paying RMDs, but didn't. I also see where no RMDs are required in years 2021 through 2024. I'm also reading there is a statute of limitations of 3 years? I'm totally confused on how to handle this on my taxes other than reporting the 1099R I received for closing the full account. Any help is appreciated. It sounds complicated.
" no RMDs are required in years 2021 through 2024."
does not apply in your situation.
--
What's done is done.
If you just learned of the IRA --??-- you have "reasonable cause" for waiver of penalty.
IRS is unlikely to audit you , so do nothing beyond entering the 1099-R.
" no RMDs are required in years 2021 through 2024."
does not apply in your situation.
--
What's done is done.
If you just learned of the IRA --??-- you have "reasonable cause" for waiver of penalty.
IRS is unlikely to audit you , so do nothing beyond entering the 1099-R.
HOW does IRS know when you inherited the IRA? I see nothing on the 1099R with the former owners date or death or social? Is it safe to just submit the 1099R and hope the IRS doesnt look into it?
I;m guessing retitling the IRA into your name as beneficiary would trigger a Form 5498 report to IRS
If the IRA wasn't retitled into my name for various reasons, I shouldn't be expected to take RMDs before that. I know the account kind got lost after her death. I found out about it when TD moved the account to Schwab.