Knowledgebase
LATE IRA 2014 MRD #235464
Asked April 08, 2015, 12:59 AM EDT
Palm Beach County Florida
Expert Response
Thank you for your answer since I'm a retired senior and need the help. The link to the form is:
http://www.irs.gov/pub/irs-pdf/f5329.pdf
Basically I have a late withdrawal of an Minimum required distribution from an IRA in 2014. I have already withdrawn the MRD from this IRA in 2015. I will be filing a 5329 form with my 2014 tax return and ask for a waiver of the excise tax.
The question is on which tax return do I file this late MRD in the 2014 or the 2015?
Here is information about filing a late RMD: http://www.investopedia.com/articles/retirement/05/011005.asp
http://www.foxbusiness.com/personal-finance/2014/01/02/missed-your-ira-rmd-deadline-here-what-to-do/
http://www.huffingtonpost.com/mike-branch-cfp/how-to-fix-a-missed-rmd-i_1_b_6516060.html
You'll need to complete IRS form 5329. This is the form that needs to be submitted with your late RMD payment. In particular, you will want to complete section VIII, lines 50-53.