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I intended to request a traditional IRA distribution in

2017. Unfortunately I miscalculated the...
I intended to request a traditional IRA distribution in 2017. Unfortunately I miscalculated the date and missed the deadline by 1 day. If I request it tomorrow, the financial institution that holds my IRA will do it on Jan 1. I was told that there is a way to submit something like to a letter explaining to the situation to IRS and request it be treated as a 2017, even though the 1099 form will be issued for 2018. Is this information correct? If so, how would I go about doing it?Thank you!
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Answered in 18 minutes by:
12/29/2017
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,783
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Are you referring to your RMD for 2017?

If so,

  1. Take the RMD. To have the 50% penalty waived by the IRS you must correct your error. You must take the RMD amount that was not taken in 2017.
  2. File the 2017 IRS Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts. When you file this form, you do not have to prepay the penalty, but if the form is filed without payment of the 50% penalty and IRS determines that the penalty is owed, you could owe interest on the penalty payment. Form 5329 must be filed to start the statute of limitations clock.
  3. Attach a letter of explanation to Form 5329. The letter should include why the 2017 RMD was missed, the fact that it has now been taken, and that you have taken steps to be sure that future RMDs will be taken as required.

The following link contains additional information you will find helpful:

https://www.investopedia.com/articles/retirement/05/011005.asp

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 1 month ago
No, sorry, this is not RDM issue. I simply wanted to take out some IRA this year. I have some "unfilled" income at the certain tax bracket this year, I wanted certain amount of IRA distribution to "fill" it. It doesn't involve tax penalty, just "nice to have" situation.

Thank you for the additional information/clarification.

Unfortunately, the distribution will be applied to 2018 if that is when the financial institution issues the 1099-R for.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,783
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Customer reply replied 1 month ago
Thank you very much!

My pleasure.

Thank you for the positive rating of my answer. It is very much appreciated.

Happy New Year to you and your family!

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Barbara
Barbara
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Satisfied Customers: 4,783
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