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March 25, 2024
Question

Missed RMD 2022

  • March 25, 2024
  • 2 replies
  • 0 views
I missed the RMD in 2022  and paid it back in 2023. How do I report this excess withdrawal in 2023

2 replies

rjs
Employee
March 26, 2024

It's not an excess withdrawal. An RMD is a minimum withdrawal, but you can withdraw as much as you want in addition to the RMD. Your Form 1099-R for 2023 should show the total amount that you withdrew in 2023, including both your 2023 RMD and the make-up withdrawal for the 2022 RMD. All you have to do is enter the amount shown on the 1099-R. It doesn't matter how much was for the late 2022 RMD and how much was for 2023. You do not have to show the amounts separately or explain the amount.

 

B52-DAuthor
March 26, 2024

Thanks for the answer. I sent in a Form 5329 request for wavier with the 2022 taxes and Turbo Tax said I should make the withdrawal as soon as I could.  I expected to have to identify the withdrawal  as stated in  the 5329 form on this years taxes.  I feel better about sending my taxes in now.