topic Re: RMD Reporting in Retirement tax questions

RMD Reporting

DonV1 — Thu, 20 Feb 2025 18:08:15 GMT

I have an Annuity that provides me a 1099R showing the amount withdrawn at the end of the year ( I take monthly instalments) and the RMD amount. I also have an IRA with the amount on a 5498 form of which I have not withdrawn any money from. The total RMD amount, by adding together the 1099R RMD amount plus the 5498 RMD amount, is less than the yearly amount withdrawn from the annuity. So I assume I am meeting my RMD requirements. How do I show this information on the tax forms? The 1099R information is entered but the 5498 information is not entered. When the IRS receives the 5498 and sees I have not taken out any of the funds how will they know it is being covered by the amount taken out of the annuity?

Re: RMD Reporting

JohnB5677 — Tue, 25 Feb 2025 16:23:18 GMT

You may have misinterpreted the two documents.

You stated that you took monthly distributions from the 1099-R account.

That sounds like a pension.
Do you have a cash value, or was it a life time benefit offered by a company you worked for?
If I've stated this correctly, This would not count nor require an RMD.

The account that's listed on the 5498 does sound like an RMD type account

Does it have a cash value?
This may require an RMD

I recommend that you contact your fund administrator or Broker and confirm the type of account.

Once you have confirmed the type of account you can contact us again for further direction.

Re: RMD Reporting

DonV1 — Tue, 25 Feb 2025 22:02:12 GMT

The 1099R account is not a pension. It is an annuity I purchase. The 1099R statement shows the rmd amount to be taken out. The 5498 is also an rmd account and the 5498 statement shows the rmd amount to be taken out. I take out of the 1099R monthly and do not take any money out of the 5498 account. At the end of the year, the total money taken out of the 1099R is more than the the rmd amount of the 1099R plus the rmd amount of the 5498 combined. Turbo tax allows me to show the 1099R information but it doesn't allow me to enter the 5498 information. How can I show the IRS the total taken out and the total required to be taken out?

Re: RMD Reporting

fanfare — Tue, 25 Feb 2025 23:21:45 GMT

If the IRA box is not checked on your 1099-R, you cannot use that distribution to satisfy IRA RMD.

@DonV1

If you took nothing from IRA and you are age 73 or more in 2024, you missed your IRA RMD.

You need to take it now to get penalty waived.

@DonV1

Re: RMD Reporting

fanfare — Tue, 25 Feb 2025 23:16:20 GMT

See correction above.