Inherited IRA - Required Minimum Distributions missed

[Anonymous]

I have a question about missed required minimum distributions from an IRA that my wife inherited.

I know this is a very specific/detailed question that I should ask a tax professional, but I asked our accountant, and he emailed me a form (form 5329) and basically said "good luck." We need a different accountant, but that's a question for another day.

So here's the deal: DW inherited a modest traditional IRA from her dad when he passed in 2011. We did not realize that we needed to take required minimum distributions until yesterday. I know that we use form 5329 to report this situation, that we may be subject to 50% tax on the distributions that we should have taken and that we can beg for mercy.

My questions are more about the mechanics of actually paying what we owe, assuming that we don't want to fool with begging for mercy (we have no excuse other than ignorance, and I would rather not be audited):

- Do we have to file form 5329 for every year since 2011?
- Can we just file the form 5329 for 2015 for all of the missed contributions and be done with it?
- Do we have to file amended form 1040 for years where we file form 5329?

I know what to do to take the required distributions, so also not worried about that part of it. Any specific help for the tax questions would be great. Failing that, I'd take recommendations for a good local tax accountant.

TIA.

[Anonymous]

Take the distributions immediately, for all previous years. File 5329 with a letter explaining the situation and asking for forgiveness becausenyounwere misadvised by your accountant.

[Anonymous]

Might google over at bogleheads-- they occasionally have people post with similar problems

[Anonymous]

i have 2 inherited IRAs as well. The bank automatically sends me a check annually with a designated federal tax removed. I am wondering when your wife's IRA was converted to an "inherited IRA" , it wasn't set up like mine?