I need help. While
doing income tax return for 2015, I discovered that an RMD for tax year 2015
had not been withdrawn for my IRA investment.
Subsequently this made me subject to a penalty of 50%. An
explanation was given to the IRS for requesting a waiver; the IRS agreed and
waived the penalty.
After satisfying the RMD for 2015, I entered the amount of
that RMD into my 2015 tax return (in line 21-other income: “RMD amount reported
late with waiver fast forward to today 2017.
I am now doing the tax return for 2016.
I received a 1099-R for this RMD investment – this form listed the total
amount of RMD 2015 and RMD 2016! I certainly don’t want to pay taxes twice on
the RMD 2015.
