RMDs

Forum|Forum|6 years ago
October 4, 2019
1 reply
3 views

In 2017 I inadvertently failed to take our RMD's out, but was planning keeping the funds invested as a taxable investment. I did figure our RMD amounts and paid taxes on the them in 2017.

In 2018 my advisor suggested that we take the 2017 & 2018 RMD's out of the IRA's and place them in a taxable investment. This was accomplished, but is also generated a 1099-R on the entire amount.

Question is how do I indicate that I already paid the 2017 tax portion?

VolvoGirl

Level 15

How did you pay the tax on your 2017 return without a 1099R? @dmertz

AlB1944Author

Level 2

I entered it on line 21 as other income

VolvoGirl

Level 15

I think you need to amend your 2017 return and take it off of line 21. And fill out the form to pay the penalty for not taking the RMD. I don't know the form # or how that works or how to enter it in Turbo Tax. The person I paged above will know so wait for him.

Was 2017 the first year you were suppose to take the RMD? When did you turn 70 1/2 and your spouse? The plan should have sent you a letter at the beginning of 2017 saying how much to take.