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zandblast
Returning Member

Form 5329 line 11 uses IRA distributions included in income to offset excess contributions. My RMD is included in income. Does my RMD offset my excess contribution?

I made an excess contribution t my traditional IRA.  Does my RMD reported on line 11 of form 5329 offset the excess?

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2 Replies
dmertz
Level 15

Form 5329 line 11 uses IRA distributions included in income to offset excess contributions. My RMD is included in income. Does my RMD offset my excess contribution?

For what year did you make the excess contribution?

Form 5329 line 11 uses IRA distributions included in income to offset excess contributions. My RMD is included in income. Does my RMD offset my excess contribution?

No.   If you are age 70 1/2 you cannot make any Traditional IRA contributions at all.  The excess contribution must be removed separate from any RMD.  You should tell the IRA custodian that it is a return of excess contribution so they will issue a 1099-R with the proper code in box 7.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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