Missed Inherited RMD-File 5329 now or with 2025 taxes?

[littlemac716]

One of my inherited accounts failed to send me my RMD because the automated system lost my automatic withdrawal rule for the year 2024 (the first time in 9 years).  The person I inherited the IRA from passed away in 2015 so the 10 year rule does not apply to me.  I am going to take the RMD right away and plan to file form 5329 with a request to waive the penalty.  My question is:  Do I amend my 2024 tax return that was already sent and paid, or do I file the 5329 form with my taxes for 2025 that I will submit in 2026?  

[rjs]

Form 5329 has to be filed with your tax return for the year that you should have taken the RMD. File an amended return for 2024 to add Form 5329 to your 2024 tax return.

[littlemac716]

I won’t have a 1099R form yet and will not get that until next year. The 1099R will have my combined 2024 and 2025 RMD on it and the taxes withheld for the combined total. Don’t I need the 1099R form for the amended form? Thank you for the help. 

[rjs]

No, you don't need the 1099-R. You report an RMD as income in the year that you actually receive it, even if it's the RMD for an earlier year. On your 2025 tax return you will enter the 1099-R for the combined amount and pay tax on all of it on your 2025 tax return. That's an additional drawback of missing an RMD. You end up paying tax on two RMDs in one year.

The only purpose of the amended return is to add Form 5329. That form will show the amount you should have taken, but didn't, and request a waiver of the penalty. But it does not report the income. The amended return will not change your 2024 income or tax.