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New Member
posted Apr 21, 2024 5:02:29 PM

My trad IRA custodian didn’t make my 2023 RMD—their error. Corrected it in 2024, but will not issue a corrected 1099R for 2023. Can I pay the taxes on my 2023 return?

I paid 2023 EST payments to cover the 2023 RMD. Can I use Form 4852 to report the late 2023 distribution in lieu of the 1099R on my 2023 return? I want to pay now, rather than paying both 2023/2024 on my 2024 return.

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1 Best answer
Level 15
Apr 21, 2024 9:22:04 PM

Since the money was paid in 2024, that is the only time you can report it and pay taxes on it.

 

For 2023, you need to report the missed RMD, and ask for a waiver of the penalty.  Then on your 2024 taxes, you will get a 1099-R and you will report and pay tax on the total withdrawals from your IRA.  Remember that you still need to take a 2024 RMD, since you are applying the first 2024 withdrawal toward 2023. 

2 Replies
Level 15
Apr 21, 2024 5:15:05 PM

No, you cannot report the late RMD on your 2023 tax return, even though it's "for" 2023. You took the distribution in 2024. It will be included in your 1099-R for 2024 and you will pay tax on it on your 2024 tax return. You have no choice about when to report it.

 

Level 15
Apr 21, 2024 9:22:04 PM

Since the money was paid in 2024, that is the only time you can report it and pay taxes on it.

 

For 2023, you need to report the missed RMD, and ask for a waiver of the penalty.  Then on your 2024 taxes, you will get a 1099-R and you will report and pay tax on the total withdrawals from your IRA.  Remember that you still need to take a 2024 RMD, since you are applying the first 2024 withdrawal toward 2023.