RMD
Prior year end balance is now less than required current year RMD
Loss money in the market
Any required disclosure on current year 1040 filing
Prior year end balance is now less than required current year RMD
Loss money in the market
Any required disclosure on current year 1040 filing
Permalink Submitted by Alan - IRA critic on Wed, 2016-11-02 19:45
You mean the current balance is less than the RMD? If this is the only IRA of the taxpayer, the account will be drained and that satisfies the RMD. There will be no 5498 for year end 2016 for this or any other IRAs, so the IRS should have no reason to inquire. There is no recommended disclosure, but no harm in including an explanatory statement with the 2016 return that the RMD was greater than the balance, so a lump sum distribution was taken.