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24-05-2024
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A taxpayer takes out a distribution to satisfy their need to make RMDs on their account. In doing so, they pull out $5,000. They actually needed to pull out $8,000 and the IRS assesses and collects a $750 excess accumulation penalty. The taxpayer corrects the issue the following year and seeks a refund for abiding by the rules and correcting the mistake. How much should they receive in a refund for doing so within the appropriate window of time?
a. $0; They get no refund
b. $750
c. $250
d. $450

Answer :

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