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I missed to receive RMD for year 2018 for the following reason: my previous IRA account broker (Capital One ) always contacted me by the end of the each year

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June 4, 2019
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I missed to receive RMD for year2018 for the following reason: my previous IRA account broker (Capital One ) always contacted me by the end of the each year to remind about RMD. In 2018 Capital One sold the IRA accounts and I had to find a new provider. Unfortunately the E*TRADE, my new provider has never called me and by the end of December 2018 I have contacted the company and requested RMD to be electronically transferred to my checking account, but instead they mailed me a check in January 2019. Now I will file the form 5329 with my tax return for 2018 to ask IRS for a tax waiver I need to write an explanation. My English is not good enough to do this. I appreciate if you help me to write a short convincing explanation. Thank you.

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Best answer by MichaelL1

I think you did a very good job already. Just copy of what is below and I added a little bit to it.

I missed to receive RMD for year 2018 for the following reason:

My previous IRA account broker (Capital One ) always contacted me by the end of the each year to remind me about RMD.

In 2018 Capital One sold the IRA accounts and I had to find a new provider.

Unfortunately the E*TRADE, my new provider has never called me and by the end of December 2018 I have contacted the company and requested RMD to be electronically transferred to my checking account, but instead they mailed me a check in January 2019.

So I did take the money out as soon as I was aware of the oversight.

Thank you for considering the waiver of the penalty and I will make sure this does not happen again.

MichaelL1Answer