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How to Correct a Mistake on Your RMDs from IRAs

April 2, 2019

From the Kiplinger website

My brokerage firm split my IRA into two separate accounts in 2016, and I just discovered that it calculated my required minimum distribution for only one of the accounts. Because of this mistake, I failed to take out the mandatory $12,000 from the second IRA over the past three years. What can I do now? Can I avoid the 50% penalty if the brokerage firm admits the error in a letter to the IRS?

If you didn’t take out the correct required minimum distribution because your brokerage firm made a mistake, the IRS may show some leniency.

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