A good friend of mines father has some mental capabilty issues. He was recently told that he forfieted $80,000.00 to the IRS for not taking necessary withdrawls. Is it possible to petition the IRS citing mental instability and maybe get them to refund the "fine" for no withdrawl?
Asked on 11/13/11, 3:00 pm
1 Answer from Attorneys
William Prugh
Retired from Polsinelli PC
This is a federal income tax question and apparently deals with either i) minimum annual distributions or ii) a lump sum distribution. If a large amount is involved, a competent tax advisor should be consulted about the issues. This is not a state tax issue (other than the state ramifications flowing from the above). There are, however, not enough facts listed to provide any specific answer.
Answered on 11/14/11, 12:35 pm
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