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re: Tax question - Missed RMD for 2011
Posted on 3/6/13 at 4:33 pm to slackster
Posted on 3/6/13 at 4:33 pm to slackster
If your grandmother is currently 72, then it sounds like 2011 was the first year for her
to take a RMD. If so, then she should be okay with the distribution being received in Jan. 2012 since the initial RMD can be made until April 1, of 2012. If 2011 was not the initial RMD, then your grandmother has a potential problem. The penalty for a missed RMD is 50% of the missed RMD. The undistributed amount gets reported on Form 5329. Typically, the IRS will waive the penalties for taxpayers who have a reasonably good cause for missing the RMD. Your grandmother's cause for missing the RMD, custodian error corrected asap, is the best kind to have.
As for reporting the income, your grandmother should report all of the amounts from the 1099-R in 2012 since that is when she received the money.
to take a RMD. If so, then she should be okay with the distribution being received in Jan. 2012 since the initial RMD can be made until April 1, of 2012. If 2011 was not the initial RMD, then your grandmother has a potential problem. The penalty for a missed RMD is 50% of the missed RMD. The undistributed amount gets reported on Form 5329. Typically, the IRS will waive the penalties for taxpayers who have a reasonably good cause for missing the RMD. Your grandmother's cause for missing the RMD, custodian error corrected asap, is the best kind to have.
As for reporting the income, your grandmother should report all of the amounts from the 1099-R in 2012 since that is when she received the money.
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