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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Tax
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Experience:  Over 20 Years experience
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What IRS tax form is used for RMD tax payment? Not enough

Resolved Question:

What IRS tax form is used for RMD
tax payment? Not enough tax was
taken out in 2012. I need to pay
more to correct.
Richard Patton XXX@XXXXXX.XXX
Submitted: 2 years ago.
Category: Tax
Expert:  R. Klein, EA replied 2 years ago.

Randalltax :

An RMD is a distribution from a retirement account. It is reported to you on form 1099-R

Randalltax :

If you want your payer to withhold federal tax, provide them with Form W-4P

Randalltax :

This link has the form and instructions. Do not send it to IRS, only the payer. http://www.irs.gov/pub/irs-pdf/fw4p.pdf

Customer:

Normally I would, but the account was closed out and I now have to

Customer:

correct my self.

Randalltax :

I don't understand. What do you mean "correct my self"?

Customer:

I need to pay additional funds to the FED and State.?

Randalltax :

If you already took your distributions and you are referring to 2011, then you report the distributions on your 1040 tax return. If you have a balance due, you write a check to the IRS.

Customer:

2011 was already paid. This is for 2012 ?

Randalltax :

Do you mean you took your distribution for 2012 already and there was not enough tax deducted?

Customer:

Yes, It was in the close out.

Randalltax :

Approximately how much did you distribute?

Customer:

They sent 10% to the Fed and 10 % of the Fed value to the state.

Randalltax :

OK, that sounds a lot for the state, for sure. How much was the taxable amount you took out?

Customer:

Here is the numbers:

Customer:

$33933.09 Total

Customer:

Fed 3393.31 tax

Customer:

State 339.33

Randalltax :

I see. OK so a substantial amount. You have two choices really. You can make an estimated payment for 2012, or you can pay the tax with a penalty in a year. The penalty is about 5% of the tax shortage at most.

Customer:

I would like to pay now.

Randalltax :

The estimated tax payment to the IRS can be made by using this form and sending to the address listed on the instructions: http://www.irs.gov/pub/irs-pdf/f1040es.pdf

Randalltax :

As long as the payment is made by 4/17, you should not incur any penalties next year.

Randalltax :

California's Form is here https://www.ftb.ca.gov/forms/2012/12_540es.pdf

Randalltax :

Does that answer your question?

Customer:

Thank you, XXXXX XXXXX what I need to do.

Randalltax :

OK. If you are satisfied, kindly press the Accept button to close out this question. Thanks and have a good evening.

R. Klein, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 2882
Experience: Over 20 Years experience
R. Klein, EA and other Tax Specialists are ready to help you

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