I did not take my distribution from me SEP IRA for the past 4 years, do I file amended returns for each year? or Can I take the lump sum and file it as income this year?

[MARPHAN]

I did not take my distribution from me SEP IRA for the past 4 years, do I file amended returns for each year? or Can I take the lump sum and file it as income this year?

[fanfare · Accepted solution]

If you are over age 75 then you will have to amend all those returns in order because each failure to take RMD has its own penalty associated which is  50 % of that RMD.

You may have a hard time getting the penalties waived because you failed to act in a timely fashion to correct the error.

Unless you can show reasonable cause, like you were in a coma for four years. 

[MARPHAN]

Why do you say over age 75? I will be 75 later this year,

[fanfare]

From my answer above, please delete the words "If you are over age 75 then".