RMD should have occured in the past...

[doombuggy]

I just found out that a client had an owner (10%) who turned 70 1/2 in June 2002. This partiicpant should have received a distribution by April 1, 2003 but did not. We need to give him back RMD's, correct? So I need to calculate on e based on his 12/31/01 bal (for 2002), his 12/31/02 bal (for 2003) and his 12/31/03 bal (for 2004). Can this be corrected thru VCP? Penalties?

Thanks for your help.

[doombuggy]

Bump ~ anyone know? Lots of lookers - I finally got the 2001 balances to both of the plans (they later merged into one PSP), so I need to fix this fellow.

Thanks!

[Blinky the 3-eyed Fish]

See Rev. Proc. 2003-44.

[WDIK]

I would also review this link.

[doombuggy]

Thanks, guys. I will give this a try and get him a check.