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December 19, 2024
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This year (2024) I could not take RMD for an inherited IRA. So I need to complete form 5329 for a one-time extension. May I do that with my tax filing in 2025?

  • December 19, 2024
  • 1 reply
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When to complete form 5329
    Best answer by Opus 17

    You've still got 7 business days left in 2024.  Why can't you make a withdrawal?

     

    If you fail to withdraw your RMD for 2024, you report that on your 2024 tax return that you will file in the Spring of 2025.  You will want to make the withdrawal as soon as you can, because when you ask for a waiver of the penalty, you want to be able to give a reasonable explanation of why you did not make the withdrawal, including being able to say that you did make the withdrawal as soon as you were able.

     

    Don't forget that, if you withdraw your 2024 RMD in 2025, you must still withdraw your 2025 RMD in 2025 as well.

     

    I will ask @dmertz how to trigger the interview so you can report the missed RMD and ask for the waiver. 

    1 reply

    Opus 17Answer
    Employee
    December 19, 2024

    You've still got 7 business days left in 2024.  Why can't you make a withdrawal?

     

    If you fail to withdraw your RMD for 2024, you report that on your 2024 tax return that you will file in the Spring of 2025.  You will want to make the withdrawal as soon as you can, because when you ask for a waiver of the penalty, you want to be able to give a reasonable explanation of why you did not make the withdrawal, including being able to say that you did make the withdrawal as soon as you were able.

     

    Don't forget that, if you withdraw your 2024 RMD in 2025, you must still withdraw your 2025 RMD in 2025 as well.

     

    I will ask @dmertz how to trigger the interview so you can report the missed RMD and ask for the waiver. 

    Employee
    December 19, 2024

    In what year did the participant die?  In other words, in what year did you inherit this IRA?

    If you inherited this IRA in 2020 or later, are you an Eligible Designated Beneficiary?