Beneficiary traditional IRA RMD
I inherited a traditional IRA from my mom when she passed away in January 2020. I don’t believe there were any non-deductible contributions in her IRA, if that makes any difference. With help on this website, I learned that RMD’s are required after 12/31/2019 for beneficiary IRA’s, which affects my beneficiary IRA. Also, it appears that RMD’s were postponed, as the IRS is late finalized the RMD rules for beneficiary IRA’s. It appears RMD’s are mandatory starting this year (2023). Anyway, I decided to take a RMD in 2022 to be safe of $2250 from the IRA that was roughly $23,000 which is the RMD amount I learned here from Alan-iracritic – thanks again. My question is: Is there an IRS form I need to fill out and file with my taxes for the RMD I took this past year, I received a 1099 R form from my IRA custodian I am including with my 2022 taxes? I don’t see how the IRS can keep track of the RMD’s taken or should have been taken. Is there any other form like maybe an 8606 form I need to file with my 2022 taxes concerning the beneficiary IRA RMD?
Thanks
Rusty Nelson
Permalink Submitted by Alan - IRA critic on Sun, 2023-03-19 21:43
There is no additional form. The 1099R amount should be reported directly on Form 1040, lines 4a and 4b, just like any other distribution. If the IRS wants to keep track of beneficiary RMDs, they have Form 5498 showing the prior year end value and they know your age from which to determine your beneficiary RMD.
Permalink Submitted by Rusty Nelson on Sun, 2023-03-19 22:14
Thank you Alan for the fast response, I appreciate it.Rusty Nelson