RMD Taken Wasn’t Enough
I just had a call from someone stating that their institution calculated her 2015 RMD incorreclty, it was actually short $253. She is now taking her 2016 RMD in addition to the $253 shortfall. I believe the needs to now amend her 2015 return to reflect that on form 5329. Is there a simpler way?
Permalink Submitted by Alan - IRA critic on Thu, 2016-10-27 19:34
If the amount actually distributed in 2015 (shown on 1099R) was reported correctly on her 1040, then she can probably just file a 2015 5329 by itself requesting a penalty waiver for reasonable cause. Once in awhile, the IRS will ask for a 1040X, but it really serves no purpose. In most cases they will accept just the 5329. She might include a copy of her distribution statement and break out the make up amount from the 2016 RMD.