5329 Question

Submitted by Cheryl Van Beek on Tue, 2017-04-04 19:55

When a Beneficiary files a 5329 for a Year of Death IRA RMD that the Beneficiary missed taking on time, should the beneficiary write anything across the top of that form, such as: “RMD Taken Late or missed for inherited IRA?” or something different? An explanatory letter will accompany the form as well as a copy of the 1099 R showing that the missed distribution was taken in 2016.

Also, because the missed RMD is for 2015 I will be filing it separate from our 1040. I assume I send it the address it directs you to send it to if you’re requesting a refund—even though I’m not technically requesting a refund– just a waiver? The other mailing option is if you’re including a check which I’m not. Thanks.



Submitted by David Mertz on Wed, 2017-04-05 01:57

  • The explanation statement required to accompany the 2015 Form 5329 requesting a waiver of the excess accumulation penalty should be sufficient to indicate the reason for requesting the waiver and filing the form.  I see no need to make any additional notation at the top of the Form 5239.
  • The distribution is reportable on your 2016 tax return.  You cannot file it [the distribution] separately.  If you already filed your 2016 tax return, you’ll need to amend your 2016 tax return.


Submitted by Cheryl Van Beek on Wed, 2017-04-05 17:52

The missed disrtibution was from my mother’s year of death in 2015. I received the distribution in 2016 and so reported the distribution with my 2016 return. My understanding from this forum was that I must use version 2015 5329 and send it searetely from my 2016 return.  Did I misunderstand something?



Submitted by David Mertz on Thu, 2017-04-06 02:32

You understand correctly.  When you said that you said that ” because the missed RMD is for 2015 I will be filing it separate from our 1040,” I interpreted “it” as referring to the RMD, the distribution.  I now see that “it” is referring to the 2015 Form 5329.  Yes, the 2015 Form 5329 must be filed separately from your 2016 tax return.



Submitted by Cheryl Van Beek on Sun, 2017-04-09 20:07

Thanks.



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