5329 & Select correct box

[dspsqu2]

Below the ==== line was asked earlier but never got a complete answer. The open part of the answer was "I just want to check what is the proper procedure since it is supposed to be filed WITH the tax return." I didn't know 5329 should have been filed with the 2021 return. I asked about getting a corrected 1099r but that's impossible since I took corrected payout in 2022. So when I received the corrected RMD check I mailed the 5329 with the explanation and asked for a wavier. Still would like to know which box to check?

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I mailed form 5329 to the IRS in Jan for an incorrect 2021 RMD & asked for a wavier. My question is how do I handle this in TT for this year? I have a choice of checking - I received ALL or Did NOT receive all the distribution. If I check off received all and finish my return will this cause a RED flag for the IRS because I filed a separate 5329 in Jan? If I check off DID NOT receive all will this cause problems because the IRS has a 5329 and TT generates a new 5329 or at least notifies the IRS there was a problem with the 2021 RMD? I plan on filing with e-File next month? I have not had any correspondence from the IRS as of today.

[macuser_22]

If you received the 2021 RMD in 2022 then you did NOT take your 2021 RMD so you need to send the 2021 5329 for requesting a waiver WITH your 2021 tax return (or amended 2021 tax return).    If you already mailed a stand alone  2021 5329 then you also include is as PART of your 2021 tax return as required.

[dspsqu2]

Thanks will include

[dspsqu2]

I e-filed my return today, but have another question that you might be able to answer. Has to do with my 2022 1099-R. Here is  a hypothetical.

My 2021 RMD was $12,000 but I was short $2000 so my 2021 1099-R showed $10,000. In Jan 2022 I took a withdrawal of $2000 and filed a 5329. My 2022 RMD is $12,000 and I am taking $1,000/mt. to reach the 2022 RMD of $12,000. I have a $2,000 withdrawal showing in my account but it doesn't say it was for 2021.

How much do I withdraw in 2022 for a correct 1099-R? Since my Jan IRA statement shows $2,000 + $1,000 , over the coming months do I withdraw an additional $9,000 for a total of $12,000 or $12,000 for a total of $14,000? I don't want to withdraw any more than I have too.

[JulieS · Accepted solution]

Yes, if you had to withdraw $2000 this year to meet your 2021 RMD, you can't count that as part of your 2022 RMD. You will need to withdraw an additional $12,000 to make your 2022 RMD, for a total of $14,000.