cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

Should I answer my 2018 1099-R amount is ALL RMD when the amount includes the missed portion of a 2017 RMD (taken in 2018) and the 2018 RMD?

Part of the RMD for tax year 2017 was not withdrawn from a SEP-IRA and the 2017 Return had already been filed before this was discovered. The missed amount was withdrawn in late 2018. An amended 2017 Return was filed with Form 5239 after the make-up withdrawal, an explanation was given to the IRS for requesting a waiver for the 50% penalty; the IRS agreed and waived the penalty.

I am now doing the 2018 tax return. On the 2018 1099-R, the RMD amount is the sum of the make-up 2017 RMD taken in 2018 and the normal 2018 RMD amount. After I enter the 1099-R in TurboTax, it has a list of check-boxes regarding special cases for the RMD. One of the boxes asks if the amount is ALL RMD. Do I check this box for my situation or do any of the other boxes apply? Do I need to do anything else for the 2018 tax return to correctly report this situation?

What are the appropriate steps for reporting the missed RMD amount for the tax year it was taken, not the year it was missed?

1 Best answer

Accepted Solutions
Level 7

Should I answer my 2018 1099-R amount is ALL RMD when the amount includes the missed portion of a 2017 RMD (taken in 2018) and the 2018 RMD?

Yes, when you answer the questions for 2018 and have taken both the 2017 and 2018 RMD's in 2018, then just answer "Yes" this is RMD, "ALL" is RMD and I have taken "ALL" of my RMD.

Then you are in good shape.

Please that you asked for the waiver in 2017 and took both years of RMD now.

You are in good shape now.

1 Reply
Level 7

Should I answer my 2018 1099-R amount is ALL RMD when the amount includes the missed portion of a 2017 RMD (taken in 2018) and the 2018 RMD?

Yes, when you answer the questions for 2018 and have taken both the 2017 and 2018 RMD's in 2018, then just answer "Yes" this is RMD, "ALL" is RMD and I have taken "ALL" of my RMD.

Then you are in good shape.

Please that you asked for the waiver in 2017 and took both years of RMD now.

You are in good shape now.