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Cake day: July 2nd, 2023

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  • I hired a professional to do my 2022 taxes. I had finally gotten access to an IRA that I inherited from my mother. She passed in 2014. Reading through the rules on inheriting IRAs, I knew I had missed RMD withdrawals, but I couldn’t find satisfactory answers on how much I needed to pay. The pros were able to calculate that for me and told me the amount to withdraw. They also drafted a letter to the IRS explaining the situation and asking that I be excused the penalty for missed RMDs. I got a letter back from the IRS in February accepting the explanation.