I put the wrong amount on my 2019 fed.taxes for my RMD i took for 2019, my fed. taxes have been accepted, what should i do??

[bobandmary]

I also did not take 1 RMD on time and took it in jan. What i did was added both together by mistake and put that total down for the 2019 tax year instead of just the 1 i did take!!

[dmertz]

Not a problem.  How much of the distribution was RMD is not reported anywhere on your tax return.  TurboTax only uses this information to determine how much of your total distributions is eligible for rollover, and if you did not roll over any of your distributions it doesn't matter how you answer this question.  Also, as long as you did not indicate that you failed to receive all of your RMD, TurboTax will not have prepared Form 5329 to calculate any excess-accumulation penalty for failing to take an RMD.

[bobandmary]

the amount I reported included an amount I reported as not receiving for 2019, so the  reported amount is too high, and I did have a 5329 filled out, I also applied to get my untaken RMD asap. thanks for the info!! 

[dmertz]

I think I might have misunderstood what you did because the details you provided are perhaps incomplete.  I interpreted the question as indicating that you entered the wrong amount when TurboTax asked how much of your distribution was RMD, not that you entered a different amount in any of TurboTax's 1099-R form boxes than the amounts actually shown on any Forms 1099-R provided by the payer.

Where did you put the wrong amount when you completed your 2019 tax return?  You should have entered the details on any Forms 1099-R exactly as received.  If you modified any of the amounts (generally box 1 or box 2a), it's likely that you filed an inaccurate tax return.

Which year's RMD was taken late in January, 2019?  In which year did you receive this distribution, 2020?  Was the "late" RMD that you took in January an RMD for the first year you were required to take an RMD from this account?  Does your 2019 Form 5329 show $0 on lines 54 and 55, with the notation "RC" and the amount of your late RMD next to line 54?

[bobandmary]

I have 2 different Rmds to take every year, one in the several hundred $ range and the other under a hundred to report, I received 1 Rmd  the larger amount on time for 2019, I did not take the other smaller amount for 2019,  my numbers are all wrong. I added the 1, I did not take the smaller amount twice, once on line 53 and then added it again on line 52, line 54 has a 0 and line 55 has a 0.  There is  rc on my line 54. So what I did was added the missed RMD, the smaller one, which I was to take by dec 31st. 2019, twice, once to what I actually got on line 54 on my 5329 form, then I added it got added  again on line 52 on form 5329 as the total required distribution for 2019 that I was to receive, but did not.  I have been drawing this for 4 years now and have never done this, I always had the right amounts on my forms and have always taken my RMDs on time!!  The one I did not take, its not much, under a  hundred$,  I doubled that RMD. So, form 5329 is reported with the correct amount from the RMD I  did receive for 2019, and, a double amount of the RMD, I did not take for 2019, once on line #53 then again on line #52. So, line 52 is over, under hundred $ and line 53 is over by the same under a hundred$ amount. I know I did wrong, I just do not know how to fix it, now that my return has been accepted, its not a lot of $$, but its still wrong!! I hope I did not confuse you worse, sorry!! Thank You for your help!!

[dmertz]

So the only problems are that line 52 of your 2019 Form 5329 shows RMD1 + RMD2 + RMD2 instead of just RMD1 + RMD2 and line 53 shows RMD1 + RMD2 instead of just RMD1 (with RMD1 being the larger one and RMD2 being the smaller one).  I wouldn't worry about it since lines 54 and 55 are correct.  The IRS is unlikely to be able to recognize that lines 52 and 53 are incorrect, and even if they did they would be able to recognize that lines 54 and 55, the important lines, are correct.  Just keep good notes in your tax records so that in the unlikely event that the IRS ever questions this form you can provide explanation.

[bobandmary]

Thanks, makes me feel better!! My #1 RMD sent the 1099 to IRS, could they see the difference in the two numbers?? Also would the 2nd RMD send a 1099 to IRS showing the amount I should have taken, even thou I did not take it?? Thanks again

[dmertz]

You make a good point.  The IRS will receive Forms 1099-R that indicate how much was actually distributed from all of your accounts and they will be able to see that the amount shown on line 53 is more than the total of the Forms 1099-R you received and reported on Form 1040.  However, I'm not sure that the IRS scrutinizes line 53 to that extent.  If it makes you more comfortable, you could amend the Form 5329 to reduce the original amounts on lines 52 and 53 each by RMD2 and file it along with Form 1040X where you can provide explanation and show that this results in no changes to any of the amounts elsewhere on your tax return.  The alternative is to just do nothing and provide explanation if the IRS ever questions this.  Since you filed Form 5329 Part IV, the IRS has only until April 15, 2023 years to question whether or not you had any excess accumulation for 2019.

Just don't amend until your originally filed tax return has been processed by the IRS.

[bobandmary]

Thank You, I did have my taxes accepted last week and was told my refund would be here by the middle of Feb.

[AlexanderS08]

If you decide to file a Form 1040X Amended Return, you should wait at least six weeks after your return is accepted before filing a Form 1040X to make sure the IRS has completely processed your original return.