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Retirement tax questions
@bayolive , there is no Form 1099-R to create for 2022. This distribution that was made in 2023 goes on your 2023 tax return, not on your 2022 tax return. The only thing you will do with your 2022 tax return is file Form 5329 Part IX where you'll request a waiver of the penalty. It's not clear if the IRS will change their policy on waiving the penalty now that SECURE 2.0 has changed the penalty. However, because you promptly made the late distribution, the penalty will be no more than 10% even if the IRS does not waive the penalty.
March 6, 2023
12:17 PM