topic Re: Late RMD withdrawal in Get your taxes done using TurboTax

Late RMD withdrawal

walttrip — Sun, 11 Apr 2021 08:57:01 GMT

RMD withdrawal deadline is 12/31/2019 for tax year 2019.

I goofed and withdrew March 27, 2020 for tax year 2019.

Fidelity tells me the they must report RMD's for the calendar year processed . Therefore, my 2019 RMD was submitted to the IRS as a 2020 distribution instead of the correct 2019 distribution.

I sent a letter to the IRS, with my 2019 return, explaining my error and requested forgiveness of penalties for my error.

How do I handle this 2019 blunder in my 2020 Turbo Tax return?

Walter [email address removed]

Re: Late RMD withdrawal

NCperson — Sun, 11 Apr 2021 11:54:34 GMT

the blunder was being late and you sent a letter to the IRS

the RMD that was withdrawn in 2020 is simply reported on your 2020 tax return as if the blunder did not occur.

Re: Late RMD withdrawal

fanfare — Sun, 11 Apr 2021 12:12:02 GMT

Did you file Form 5329 with a request for waiver?

That's the correct way to do it, not with a letter attached which may be ignored.

Re: Late RMD withdrawal

Chuncho2012 — Thu, 10 Feb 2022 20:23:25 GMT

MISSED THE DECEMBER 2021 DEADLINE FOR WITHDRAWING THE 2021 RMD. how do I withdraw the RMD so it will be considered the RMD FOR 2021? When do I pay the estimated taxes for the RMD withdrawal?

Re: Late RMD withdrawal

DaveF1006 — Thu, 10 Feb 2022 20:44:13 GMT

It depends. According to IRS.gov, if this is your first year taking the distribution, you have have until April 1,2022. After this initial year, it must be taken by Dec. 31.

Re: Late RMD withdrawal

Chuncho2012 — Thu, 10 Feb 2022 21:13:11 GMT

can Turro Tax assist me in filing a Form 5329 I missed the deadline for making the RMD withdrawal for 2021.

Re: Late RMD withdrawal

fanfare — Thu, 10 Feb 2022 21:37:28 GMT

@Chuncho2012

Unless they've made a big improvement for 2021, the answer is No.

That one of the many annoying deficiencies of TurboTax.

Re: Late RMD withdrawal

DaveF1006 — Thu, 10 Feb 2022 21:51:37 GMT

@Chuncho2012 It depends. Is this the first year you need to take the RMD distribution? If so, you have until April 1. You will need to contact the trustee of your 1099R to issue you a check and a 1099R to report on your 2021 tax return. If this is not your first RMD withdrawal requirement, then Dec 31 is the deadline to make the withdrawal and here is little Turbo Tax can do.