Question

when do I file a 5329 for a late RMD and do I put the distribution on the RMD tax year or the year I did the RMD

Forum|Forum|3 years ago
October 7, 2022
1 reply
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So I just determined doing 2021 taxes that my RDM was never processed, so I do not have a 2021 1099R. I am doing my taxes now and would like to get them files in the next day or so. I will be processing the RDM late (today).. so do I send in the 2021 return with a 5329 and an explanation or do I send in the 2021 return with nothing for an RMD and file an amended return when I get the 1099 from the brokerage house?

Not A Product Question

D

dmertz

Employee

A 2021 Form 5329 would be included with your 2021 tax return to request the waiver of the 50% excess accumulation penalty. The distribution occurring in 2022 will be reportable and taxable on your 2022 tax return along with your 2022 RMD, not on your 2021 tax return.