JackieCPA Posted June 7, 2022 Report Share Posted June 7, 2022 If a client didn't take their 2021 RMD from their IRA, but they took enough out of a pension to cover what the RMD would have been - does that count or does it have to be from an IRA and pensions do no count? Quote Link to comment Share on other sites More sharing options...
RitaB Posted June 7, 2022 Report Share Posted June 7, 2022 29 minutes ago, JackieCPA said: If a client didn't take their 2021 RMD from their IRA, but they took enough out of a pension to cover what the RMD would have been - does that count or does it have to be from an IRA and pensions do no count? No, the RMD would have to come from the IRA. 1 Quote Link to comment Share on other sites More sharing options...
JackieCPA Posted June 7, 2022 Author Report Share Posted June 7, 2022 I knew that - but was hoping that I was wrong. Thanks! 1 Quote Link to comment Share on other sites More sharing options...
JackieCPA Posted June 14, 2022 Author Report Share Posted June 14, 2022 Do I have to amend a tax return if I am filing 5329 and asking for reasonable cause waiver of the penalty for not taking your RMD? or do I have to amend the return and show an amount due on it and ask for waiver with it? Or can I just file the 5329 with a waiver explanation separately? Quote Link to comment Share on other sites More sharing options...
RitaB Posted June 14, 2022 Report Share Posted June 14, 2022 You can send the 5329 by itself. Quote Link to comment Share on other sites More sharing options...
grandmabee Posted June 15, 2022 Report Share Posted June 15, 2022 BUT remember, she has to take out the missing RMD including the earnings on that part of it. NOW plus current 2022 before end of year. Quote Link to comment Share on other sites More sharing options...
mcbreck Posted June 17, 2022 Report Share Posted June 17, 2022 On 6/15/2022 at 3:03 PM, grandmabee said: BUT remember, she has to take out the missing RMD including the earnings on that part of it. NOW plus current 2022 before end of year. Stock market earnings in 2022? Quote Link to comment Share on other sites More sharing options...
Bart Posted June 17, 2022 Report Share Posted June 17, 2022 29 minutes ago, mcbreck said: Stock market earnings in 2022? Earnings since the first retirement contribution was made. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.