inherited IRA

[dmertz]

Few CPAs understand this situation because CPAs typically are not specialists when it comes to dealing with retirement account issues.

The slight overestimation I made is due to constant growth rate that I used.  RMDs for earlier years were likely lower than I estimated because the actual growth was probably skewed more toward the later years, particularly because of market losses in 2009.

[ProbablyMike]

Welp I took out the large distribution and mailed the forms. I will let you guys know what happens, I imagine it will be a while. Again, thanks for the help.

[Opus 17]

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@ProbablyMike wrote:

Welp I took out the large distribution and mailed the forms. I will let you guys know what happens, I imagine it will be a while. Again, thanks for the help.

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You generally won't get a reply unless the IRS decides to refuse the request for a waiver and sends you a bill for penalties.  If they accept the situation, you probably won't hear anything further. 

[ProbablyMike]

Me again. Just a follow up. I just received three letters from the IRS today that state that they accepted my explanation and will waive the 50% excise tax. The three letters have three different tax years, so I guess I will be receiving more letters back for each tax year that I send them. If three have been waived, all of them should be waived since the explanation was the same for each year.