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February 12, 2023
Question

Withdrew 2022 RMD in February 2023

  • February 12, 2023
  • 1 reply
  • 0 views

I failed to withdraw the 2022 RMD from one account before the end of 2022, but I did make the withdrawal in February 2023.  Under Tell Us More About this Retirement Plan Distribution, since I did not withdraw the money in 2022, should I chose the second option, "I did not receive all the RMD for 2022" or the first option, "I received all the RMD for 2022"?  Since I received the money for 2022 but not until February 2023, neither one seems to fit my situation.  What would you suggest?

 

I also have a question regarding Form 5329.  I understand this should be submitted with my federal tax return and cannot be e-filed.  The problem here is that in my experience the IRS has been so understaffed that returns filed by mail are often delayed for months.  What would you suggest?

 

Many thanks!

    1 reply

    fanfare
    Employee
    February 12, 2023

    assuming this is not your first RMD, you missed the deadline and you owe a penalty tax because you did not receive all the RMD.

    you have to file 2022 Form 5239 .

    the missing amount is called shortfall.

    You can request a waiver of penalty.

    IRS will grant the waiver.

     

    @HelpMePlease2023 

    fanfare
    Employee
    February 12, 2023

    If you took part of the RMD (from some other IRA account)

    then TurboTax will add Form 5329 to your tax return. and you can e-File.