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?
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?
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?
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.
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?
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.
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?
Why do you say over age 75? I will be 75 later this year,
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?
From my answer above, please delete the words "If you are over age 75 then".
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