Bev, age 76, forgot her 2018 RMD. Her account balance on 12/31/2017 was$220000. What is her...
Bev, age 76, forgot her 2018 RMD. Her account balance
on 12/31/2017 was$220000. What is her excess accumulations
penalty?
A. $500
B. $5000
C. $5189
D. $10000
Homework Answers
The answer is B. 5000 $.
As per the provisions, Bev has current required minimum distribution of 10,000$. If a person fails to withdraw RMD within time, then RS assesses a 50% excise tax on the amount that is not withdrawn. This is called excess accumulations penalty. So penalty will be= 10,000 * 50%= 5,000 $
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