LATE IRA 2014 MRD

Asked April 8, 2015, 12:59 AM EDT

I read your answer to file a form 5329 and write an explanation asking for a waiver of the penalty. What you don't say is where to file the MRD, on my 2014 tax or the 2015 tax. I took the MRD for 2014 on 4-6-15 and the 1099R for this distribution will be coded for 2015 and sent on 2016.

Palm Beach County Florida personal finance

3 Responses

Can you send me a link to the file form you are talking about?

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 I have already withdrawn the MRD from this IRA in 2015.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.