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cognomen
New Member

Didn't take required minimum distribution from ira

 
1 Reply
Fern
New Member

Didn't take required minimum distribution from ira

If 2016 is your first year for which RMD was required, the deadline for taking 2016 RMD is April 1, 2017. As it is not late yet, no special reporting is required on your tax return. Also, be sure to take your RMD for 2017 by December 31, 2017.  These distributions will be taxable on your 2017 tax return.

If 2016 is not the first year you are required to take an RMD, you will need to complete form 5329 to request a waiver of the  50% excess accumulation penalty on the late-taken 2016 RMD. I fyou have any form 1099 Rs included in your tax return, you can do this through Turbo Tax by indicating that you did not receive all the RMD for 2016. This will cause TurboTax to prepare Form 5329 where you can request a waiver of the 50% excess accumulation penalty on the late-taken 2016 RMD.

If you have no other 1099 Rs in your tax return, you will have to complete the form 5329 outside of Turbo Tax. This will also mean that you must mail your tax return in.

See the link below for a copy of form 5329.

https://www.irs.gov/pub/irs-pdf/f5329.pdf

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