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  • #16
    Originally posted by bovie View Post

    If you ever under-distribute an RMD, you will likely feel very differently about those penalties.
    That's not the IRS's fault. It's the individual's fault and a key reason why everyone should be aware of RMDs, so they get that right.

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    • #17
      Originally posted by JBME View Post

      That's not the IRS's fault. It's the individual's fault and a key reason why everyone should be aware of RMDs, so they get that right.
      Not saying it's the fault of the IRS. I'm saying that this penalty--50% (!!!)--can be described many ways, but I don't believe that "pretty affordable" is one of them.

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      • #18
        Originally posted by bovie View Post

        Not saying it's the fault of the IRS. I'm saying that this penalty--50% (!!!)--can be described many ways, but I don't believe that "pretty affordable" is one of them.
        that's fair

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        • #19
          Originally posted by bovie View Post

          If you ever under-distribute an RMD, you will likely feel very differently about those penalties.
          50% excise tax is a lot. Fair point. Only on what you failed to take, though; hopefully you weren't off by much?

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          • #20
            Originally posted by pysibal View Post

            50% excise tax is a lot. Fair point. Only on what you failed to take, though; hopefully you weren't off by much?
            Not at the RMD stage yet, but you can be sure that 50% penalty will prevent me from mucking it up when it arrives!

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            • #21
              Originally posted by Larry Ragman View Post

              They get a bad rap because they are understaffed and under resourced to do a hard job. But that does not excuse doing it badly. I have had three completely unnecessary “letter audits” over the years in which the IRS was completely wrong, but all the burden was on me to explain their own rules to the agent and document my correct compliance. This typically takes at least two rounds of letters and is frustrating until resolved. Hence, bad rap.
              Quit trying to cheat on your taxes.

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              • #22
                Like all other federal bureaucracies, the IRS is populated by political animals.
                Lois Lerner - Wikipedia

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                • #23
                  Manchin announced this morning that he won’t vote for the bill. I think this means we can eat our $6000 worth of cookies in January and no longer worry about it.

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                  • #24
                    Originally posted by Lithium View Post
                    Manchin announced this morning that he won’t vote for the bill. I think this means we can eat our $6000 worth of cookies in January and no longer worry about it.
                    I might send Manchin some cookies!

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                    • #25
                      Wonder how the market reacts to this tomorrow?

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                      • #26
                        Well futures are all down a bit, so clearly they don’t like that it’s not passing (I’m being facetious....there’s any number of reasons why the futures are down, and frankly it doesn’t matter)

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