3611149
My RMD 2024 was traded on 12/31/24 to satisfy requirement. The financial institution I work with only deposited the money on 01/03/25. 01/01/25 was New Year's Holiday. My bank received the money on the 3rd.
What should I do? I didn't get the 1099-R from the financial institution. Will I have to pay penalty?
Thanks!
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First, contact the "Financial Institution". Are they going to issue a 1099-R as a 2024 transaction?
If they are, you can simply post it for 2024 and be done.
You need to file IRS Form 5329.
AI Overview
To submit a waiver for a late Required Minimum Distribution (RMD) penalty, you must file IRS Form 5329 and attach a letter of explanation detailing the circumstances and steps taken to rectify the shortfall.
Here's a breakdown of the process:
1. Understand the Situation:
2. Gather Information:
3. Complete Form 5329:
4. File Form 5329:
5. Example Letter Content:
First, contact the "Financial Institution". Are they going to issue a 1099-R as a 2024 transaction?
If they are, you can simply post it for 2024 and be done.
You need to file IRS Form 5329.
AI Overview
To submit a waiver for a late Required Minimum Distribution (RMD) penalty, you must file IRS Form 5329 and attach a letter of explanation detailing the circumstances and steps taken to rectify the shortfall.
Here's a breakdown of the process:
1. Understand the Situation:
2. Gather Information:
3. Complete Form 5329:
4. File Form 5329:
5. Example Letter Content:
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