RMD Not Taken Due to Slow Processing by Finacial Institution

Forum|Forum|11 months ago
April 14, 2025
1 reply
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This for my mothers return. The RMD process was initiated the last day 2024, the financial institution stated the process was completed on this day . I had assumed that the RMD would be distributed in 2024 however, it occurred on Jan 2 2025. As a result a 2024 1099R was not issued. What would we my best action to avoid the penalties ? If requesting a waiver, what should be stated, any supporting documents and how is this handled with e-filing and New Jersey paper filing. TY

AmyC

Employee

You need to include the distribution on the tax return for 2024 since that is required. You will fill out form 5329 and let them know that you have taken corrective action and received your distribution.

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Edge10Author

How should I enter the distribution in TT for 2024 ? There is no 1099, should I enter on the 2024 distribution on 2024 1099 interview or create the substitute 1099 in interview ? Do I fill out form 5329 manually or will the TT create it based on the interview ?

How should I answer the TT interiew question "Did you Miss a Required Distribution from any Retirement accounts ?