You have been taking the Required Minimum Distribution for a while, then your bank forgets (or you forget) to the the RMD in a year. The IRS will penalize you 50% of the RMD unless you do the following:Take the RMD the following year (There will be two RMDs that year) andRequest a waiver of the RMD penalty with your tax return,See the IRS website for more info:http://www.irs.gov/retirement/article/0,,id=96989,00.html#9I can help with this – call me at 818-317-6035 or email me at bstonercpa@sbcglobal.net with questions.You can count on us to count for you!
Brian’s Tax Musings – Required Minimum Distributions
If you have an IRA or a qualified retirement plan (401K, 403B. etc) and you are 70 1/2 this year, you are required to start taking the Required Minimum Distribution from your account. You actually have until April 1 the following year to take the first RMD payment (meaning you will have two payments that year.)Here is what the IRS says about RMDs:http://www.irs.gov/retirement/article/0,,id=96989,00.html#1If you have questions about how to calculate the RMD or about the RMD requirements, call me at 818-317-6035 or email me at bstonercpa@sbcglobal.net and we can discuss them.You can count on us to count for you!
Brian’s Tax Musings – California LLC Filings
Do you have a single person LLC registered in California? If so, while you still treat the LLC as a schedule C independent contractor if is a business and you are self employed or as a schedule E rental if you have a rental property on your personal tax return, you still have to file form 568 with the Franchise Tax Board and fill out the single personal LLC area on the form (Oh and remember that you owe at least $800 for the honor of having an LLC in California.) Due date is like your personal return – April 17.Call me at 818-317-6035 or email me at bstonercpa@sbcglobal.net with questions.You can count on us to count for you!