When did you take the distribution?
The trustee of the IRA has an obligation to notify you of the RMD amount which is the total 2016 year end value decided by the live expediency table amount (26.5 for age 71). If the 2016 year end value was about $136,000 then the 2017 RMD would only be about $5,132.
The 50% penalty would only apply if you failed to take that at all. even it taken late the IRS will almost always waive the penalty.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
