Question

Late RMD withdrawal

Forum|Forum|5 years ago
April 11, 2021
3 replies
0 views

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]

N

NCPERSON1

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the RMD that was withdrawn in 2020 is simply reported on your 2020 tax return as if the blunder did not occur.

fanfare

Employee

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.

C

Chuncho2012

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?

DaveF1006

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.

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C

Chuncho2012

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