Missed rmd for 2016, but already took it to make up for missing deadline. Do I declare the tardy rmd as income for 2016? Already filing form5329 with request to waive tx

[richiesky]

How do I claim missed rmd 2016 took out jan 10, 2017

[macuser_22]

@richiesky - See the answer below.

You need to take the missed RMD ASAP and file a 5329 with your *mailed* 2016 tax return.

It is almost impossible to prepare a  5329 form with TurboTax of you do not have a 1099-R to file.   You are better off just downloading the forms from the IRS.        Only if you have a 2016 1099-R to enter can the 5329 be created.  If no 1099-R then also hand fill out the IRS 2016 form and attach it to you mailed 2016 tax return.


From 5329 instructions:Waiver of tax.   The IRS can waive part or all of this tax if you can show that any shortfall in the amount of distributions was due to reasonable error and you are taking reasonable steps to remedy the shortfall. If you believe you qualify for this relief, attach a statement of explanation and file Form 5329 as follows.

1.    Complete lines 52 and 53 as instructed.
2.    Enter “RC” and the amount you want waived in parentheses on the dotted line next to line 54. Subtract this amount from the total shortfall you figured without regard to the waiver, and enter the result on line 54.
3.    Complete line 55 as instructed. You must pay any tax due that is reported on line 55.

  The IRS will review the information you provide and decide whether to grant your request for a waiver.

Here are links to the 2016 5329 form and instructions.  See part IX of instructions, page 8.

<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f5329.pdf">https://www.irs.gov/pub/irs-pdf/f5329.pdf</a>

<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/i5329.pdf">https://www.irs.gov/pub/irs-pdf/i5329.pdf</a>

[macuser_22]

No.  If you took the missed RMD in 2017 it will be reported on your 2017 tax next year along with your 2017 RMD.   You probably should not have filed a 5329 by itself since it is supposed to be file *with* your 2016 tax return.  Only prior year (2015 and earlier)  should be filed as a stand-alone form.  But not much that you can do about that now other than  hope it will not delay the processing  of your 2016 tax return and/or waiver.