Late RMD
I have a client who missed their 2007 RMD. I know to tell them to take it as soon as possible but should they go ahead and include it on their 2007 tax return even though they won’t get a 1099 for the distribution until next year?
I have a client who missed their 2007 RMD. I know to tell them to take it as soon as possible but should they go ahead and include it on their 2007 tax return even though they won’t get a 1099 for the distribution until next year?
Permalink Submitted by Al Fry on Wed, 2008-02-06 21:40
It would have to be taxed this year.
Permalink Submitted by Alan Spross on Wed, 2008-02-06 22:27
However, the 5329 and request to excuse the penalty should be attached to the 2007 return. See Inst for 5329, p 6, “Waiver of tax”.