IRA distrubutions
Date: Thu, 04/10/2008 - 08:47
I’m not sure if this fits this forum…but you guys are so knowledgeable.
My Dad has 4 IRA’s and at age 83 he get regular distributions by law. While getting his tax papers ready we discovered that one of the IRA’s did not give him any distributions for 2007 nor have they done so far in 2008. I called them and after putting me on hold for several minutes they said that Dad was only set up for 2006 and that he had not asked for any in 2007. I stated that it is the law that they make the distributions as they did in 2006. He tells me that he thinks he can still make the 2007 distributions…………Back on hold for several more minutes……the guys says NO it is too late. I asked him if there will be a penalty and he says yes your Dad will have to pay. I OH NO you have to pay because you did not follow the law and make the required distributions. They claim this is my Dads fault and that he needs to submit a request every year.
Dad’s other IRS send the distributions and yearly ask him he wants to make any changes.
What are we facing for penalties and should I seek a lawyer for help?
My Dad has 4 IRA’s and at age 83 he get regular distributions by law. While getting his tax papers ready we discovered that one of the IRA’s did not give him any distributions for 2007 nor have they done so far in 2008. I called them and after putting me on hold for several minutes they said that Dad was only set up for 2006 and that he had not asked for any in 2007. I stated that it is the law that they make the distributions as they did in 2006. He tells me that he thinks he can still make the 2007 distributions…………Back on hold for several more minutes……the guys says NO it is too late. I asked him if there will be a penalty and he says yes your Dad will have to pay. I OH NO you have to pay because you did not follow the law and make the required distributions. They claim this is my Dads fault and that he needs to submit a request every year.
Dad’s other IRS send the distributions and yearly ask him he wants to make any changes.
What are we facing for penalties and should I seek a lawyer for help?
I dunno about a lawyer on this one. I was more thinking along th
I dunno about a lawyer on this one. I was more thinking along the lines of a good tax accountant.
Well we have a CPA doing the taxes.............. I will talk to
Well we have a CPA doing the taxes.............. I will talk to her.
I think that we just have to wait and see if the Feds charge him with a penalty. Then we will have to clam the 80 something, disabled guy didn????????t know what he was doing. This will kill my Dad as he has always been in control of everything.
