RMD timing
Client DOB 06/17/1948, turned age 70 1/2 on 12/17/2018. Client did not take any IRA distributions in 2018. What are the RMD requirements for 2019?
Client DOB 06/17/1948, turned age 70 1/2 on 12/17/2018. Client did not take any IRA distributions in 2018. What are the RMD requirements for 2019?
Permalink Submitted by Alan - IRA critic on Fri, 2019-09-13 17:29
The 2018 RMD had to be distributed by 4/1/2019 and the 2019 RMD must be distributed by 12/31/2019. Since the 2018 RMD is late, a 2019 (since RMD was not late until 2019) 5329 must be filed to request waiver of the 50% penalty. Client will have to report all distributions made this year on the 2019 return.