This One IRS Form Can Turn a 25% RMD Penalty Into $0 — Retired Payroll Clerk Explains

Put your hard-earned retirement money to work. Get the guide here: https://heirloommoney.com/rollover-to... Paid link: the Augusta Precious Metals link above is an affiliate link, and this channel is paid when you request information through it. This video is general education, not financial, tax or investment advice. How to ask the IRS to waive the 25% RMD penalty down to $0 with Form 5329, read line by line by a retired payroll clerk. Miss a required minimum distribution and the IRS can charge 25% of the shortfall, or 10% if you fix it inside the correction window. Few people read the Form 5329 instructions that let you ask for a waiver for reasonable error. Gail walks through Part IX, where to write RC and the amount beside line 54, and why the instructions say you pay only what is left on line 55. You will also hear what the four-question explanation letter should cover, how the correction window closes, and how the first-year April 1 deadline trips people up. She covers the rules for inherited IRAs after IRS Notice 2024-35. The waiver is never automatic, and this is plain education from the published rules, not tax advice. CHAPTERS 0:00 Intro 0:33 RMD Rules Explained 1:59 Multiple Accounts Mistake 3:08 Requesting The Waiver 4:55 Filling Out The Form 6:54 Deadlines And Inherited Accounts SOURCES IRS — Instructions for Form 5329 (2025) — https://www.irs.gov/instructions/i5329 IRS — Retirement Topics: Required Minimum Distributions (RMDs) — https://www.irs.gov/retirement-plans/... IRS Notice 2024-35 — Certain Required Minimum Distributions for 2024 #RetirementSavings #RetirementPlanning