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Level 2

Solved

Required Minimum Distribution

6 replies
52 views

RMD for 2019 was not totally distributed in 2019 because of a Notary error. The final portion was distributed on January 2, 2020 and I received a 1099-R in that year. In 2019, TurboTax prepared a form 5329 for me and included my Waiver explanation statement. I have heard nothing from the IRS about it. Since this distribution was an RMD, although not for 2020, do I need to somehow include an explanation with the 2020 return that this distribution applies to 2019 RMD requirement? TurboTax is not preparing a form 5329 for me this year.

IRA

rjsAnswer

Level 15

No, you do not have to include any explanation with your 2020 tax return, and you do not include Form 5329 in your 2020 return. Just enter the 1099-R. It doesn't really matter that it's for 2019. The explanation and the waiver were all taken care of on your 2019 tax return.

Answer

Level 15

No, you do not have to include any explanation with your 2020 tax return, and you do not include Form 5329 in your 2020 return. Just enter the 1099-R. It doesn't really matter that it's for 2019. The explanation and the waiver were all taken care of on your 2019 tax return.

tahillen014Author

Level 2

Thanks for the reply. The responses go with what I was thinking and give me some much-appreciated confidence in this course of action. Thanks so much!

Level 2

TurboTax say I owe a 4,042 tax for early withdrawal. what do i do to correct this?

Level 15

You don’t have to file a form 5329. Just report the distribution.

tahillen014Author

Level 2

Thanks for your answer. This gives me a plan and some confidence in it. Thanks again!