AnnieR Posted April 8, 2009 Report Share Posted April 8, 2009 Client withdrew required RMD for 2008 on April 4. 2009, with withholding. Do I report this on her 2008 return or 2009? TYIA AnnieR Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted April 8, 2009 Report Share Posted April 8, 2009 2009. taxbilly Quote Link to comment Share on other sites More sharing options...
Dave T Posted April 9, 2009 Report Share Posted April 9, 2009 Just curious about this only because I just did a return in which the T/P didn't take the required 2008 RMD. The fact that they took it in 2009 wouldn't they still be subject to the 50% penalty for not taking it in 2008? Dave T Quote Link to comment Share on other sites More sharing options...
jasdlm Posted April 9, 2009 Report Share Posted April 9, 2009 If 2008 was the year in which they turned 70 1/2, I think they have until 15 April of the following year to take the distribution. Bad thing is, they still have to take a distribution for this year, so 2 taxable distributions in 1 year. Quote Link to comment Share on other sites More sharing options...
JohnH Posted April 9, 2009 Report Share Posted April 9, 2009 Or they can just skip the 2009 distribution if they wish and not have to worry about 2 taxable distributions this year. Quote Link to comment Share on other sites More sharing options...
jasdlm Posted April 9, 2009 Report Share Posted April 9, 2009 My bad . . . listen to JohnH. (Too quick on the keyboard . . . too slow in the brain.) Quote Link to comment Share on other sites More sharing options...
Dave T Posted April 10, 2009 Report Share Posted April 10, 2009 If 2008 was the year in which they turned 70 1/2, I think they have until 15 April of the following year to take the distribution. Bad thing is, they still have to take a distribution for this year, so 2 taxable distributions in 1 year. In the case that I was dealing with the T/P was the beneficiary of her Mother's IRA and she had made the RMD in 2007 but failed to do so in 2008 and therefore suffered the 50% in 2008 (ouch). Dave T Quote Link to comment Share on other sites More sharing options...
AnnieR Posted April 10, 2009 Author Report Share Posted April 10, 2009 Thanks for all the answers. In this case, t/p had until April 15 to take her 2008 RMD. It was her first year for a distribution so there was a little confusion!! AnnieR Quote Link to comment Share on other sites More sharing options...
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