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Improvements Can Be Made to Educate and Notify Taxpayers of Required Minimum Distribution...

When evaluating the IRA strategy going forward, the Commissioner, Wage and Investment Division, should consider developing two direct notifications for taxpayers who may be required to take an RMD. The first notification could be sent to any taxpayer turning 70½ or older with a traditional IRA or IRAs related to small businesses, and the second could be sent to estates of deceased taxpayers. The notifications should inform taxpayers of their tax obligations associated with RMDs, including references for obtaining more detailed instructions as well as procedures for requesting abatement of the excise tax assessed for not taking an RMD.