I turned 70 in 2018. I has a rmd of $18814 but i only cashed in $11800 I withdrew the remainder $8210 in Feb 2019. What forms do I use

[macuser_22 · Accepted solution]

You will need to file a 5329 form and request a waiver of the penalty. (The waiver would only be denied if there is no reasonable explanation and the missed RMD was not taken at all.)

If you do have a 2018 1099-R to report then the RMD question in the interview will go to the form 5329 waiver interview if you say that the 2018 RMD was not taken.

TurboTax will add the 5329 and waiver request.   It is very unlikely that it would be denied.

[dmertz]

2018 was this individual's first RMD year, so no Form 5329 is needed.  The RMD was completed by the April 1, 2019 deadline, so there was no excess accumulation for which to request a penalty waiver.  Indicate to TurboTax that you received all of the RMD in 2018 to prevent TurboTax from preparing Form 5329 Part IX.

[Anonymous]

i guessing but since you used the term RMD i assume you turn 70 1/2 in 2018.  if so the 2018 RMD was required by 4/1/2019.

you took part in 2018 and the rest before 4/1/19 so you're ok

before 12/31/2019, you must take the full RMD for this year.  the trustee should inform you of the amount. if not contact them.  do not wait til the last minute, processing delays could result in it being made early in 2020 which will cause problems.  

[fanfare]

there is no penalty and no extra forms  because you have until apr 1  19 to complete your first rmd

report the first part this year and the remaining part on your 2019 tax return.

and you will report your 2019 RMD on 2019 return

[macuser_22]

That's true, Thanks for catching that.

@panocya  The 5329 is not necessary.  Just say that ALL the RMD was taken.  It makes no difference on the first RMD if not taken before Apr. 1 of the year following the year you turn 70 1/2.

[fanfare]

if you turned 70 1/2 in 2019 you have until Apr 1 20 to take your first RMD

[Anonymous]

i agree. but if you wait til the year after you turn 70 1/2  a second distribution is required by 12/31/2020