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Financial Planning / Tax Strategies


Subject:  Missed April 1 Date:  4/14/2003  9:46 PM
Author:  IRJay Number:  65038 of 127747

My Mom turned 70 1/2 last year and had to take her first distribution by April 1 this year. She sent the distribution request to the bank that holds herg IRA. They mishandled the paperwork and did not deposit make the withdrawl until April 10. They have given her a letter stating that it was their fault. How would you handle this. Is there any way to avoid the 50% penalty for failing to make the distribution by April 1?

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