How do I fill out form 5329 for missed RMD for deceased father?

8 replies
101 views

My father missed his 2015 RMD due to illness and passed away before the end of the year. His account is now set up as a Ben IRA in my name. I am requesting the RMD from 2015 be distributed to me this year in April of 2016. Do I claim the RMD dist on my personal 2015 return as income even though I am taking it in 2016 and do not have a 1099 form? Where would I claim it? and do I file the form 5329 with my taxes as well? or does this all get claimed on his 2015 tax return?

TurboTax Deluxe Windows

Answer

You should report the missed RMD on your late father's final return by filing Form 5329, Part IX. There is no interview in TurboTax for missed RMDs in the program, so you'll need to prepare the document in forms mode. If you're not familiar with working in forms mode, please let me know and I'll point to some instructions for that.

Fortunately, you can request a waiver from the penalty, and the IRS has historically been generous in granting the waiver. Please read the instructions to Form 5329 for more information. https://www.irs.gov/pub/irs-pdf/i5329.pdf

Since you won't receive the payment until this year, you should not report it on your 2015 tax return. You may also need to take your own RMD this year, which is separate from your father's 2015 RMD.

Anonymous

Answer

Since you won't receive the payment until this year, you should not report it on your 2015 tax return. You may also need to take your own RMD this year, which is separate from your father's 2015 RMD.

mplsjanedoeAuthor

Level 2

I have received 2 different answers here. How do I know which answer is correct? One states that I file a form 5329 with my deceased fathers return for 2015 and the other states that i file the form 5329 with my own return. Both make sense I guess, so that much more confusing. If I file with my own return and not with my father's return, do i file it with my 2015 return even though I am not taking the 2015 RMD until 2016? Or do I file the form 5329 with my 2016 return because that the year I received the money from the 2015 RMD?