Author Topic: Quick Question on RMD and 1099  (Read 1073 times)

dcozad999

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Quick Question on RMD and 1099
« on: March 13, 2018, 09:44:35 AM »
Last year in April, my mother turned 70 so it was her first year for the RMDs. We didn't get her RMDs out prior to January 1st, though they are now complete and she received all of her distributions in January and February.

So do the RMD withdrawals go on her 2017 tax return? Or because the withdrawal was done in 2018 do they go on this year's return?  I'd thought they went on last years return, but do not see any type of updated 1099 in her accounts.

seattlecyclone

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Re: Quick Question on RMD and 1099
« Reply #1 on: March 13, 2018, 10:35:04 AM »
IRA withdrawals are generally taxed in the calendar year they occur. I'm not aware of any exception that would apply here.

Make sure she does the RMD prior to December 31 this year. The first year you get until April 1, but after that there's a strict deadline at the end of the year.

Catbert

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Re: Quick Question on RMD and 1099
« Reply #2 on: March 13, 2018, 12:39:41 PM »
Those RMDs will go on her 2018 return. 

dcozad999

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Re: Quick Question on RMD and 1099
« Reply #3 on: March 13, 2018, 01:34:44 PM »
Thank you all.

She got a couple of them out in December. So the rest will go on this years return then.

MDM

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Re: Quick Question on RMD and 1099
« Reply #4 on: March 13, 2018, 02:20:00 PM »
See Can the penalty for not taking the full RMD be waived? for steps she might take.  Withdrawing both the 2017 and 2018 RMDs and noting that in the Form 5329 explanation would not be unreasonable.

Sibley

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Re: Quick Question on RMD and 1099
« Reply #5 on: March 13, 2018, 03:13:33 PM »
Off topic, but your phrasing sounds like there's multiple accounts. If that's the case, strong recommend that you help her consolidate as much as possible. It'll make things easier, both in the short and long term.

dcozad999

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Re: Quick Question on RMD and 1099
« Reply #6 on: March 14, 2018, 07:23:52 AM »
Off topic, but your phrasing sounds like there's multiple accounts. If that's the case, strong recommend that you help her consolidate as much as possible. It'll make things easier, both in the short and long term.


That's the plan for this year. I started another thread on that topic. Her and my dad have 11 different investment accounts at about 6 different places, smh.