Question
Faith, a single taxpayer, age 81, forgot to take her 2021 required minimum distribution (RMD) from her traditional IRA. Her account balance on December 31,
Faith, a single taxpayer, age 81, forgot to take her 2021 required minimum distribution (RMD) from her traditional IRA. Her account balance on December 31, 2020, was $240,000. What is her excess accumulations penalty?
$24,000
$13,408
$6,704
$0
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To calculate Faiths excess accumulations penalty we need to consider the following Faiths ageShe is ...
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Intermediate Accounting Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
12th Canadian Edition
1119497043, 978-1119497042
