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I turned 70 1/2 Feb 2017. I filed and received refunds from…

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I turned 70 1/2...

I turned 70 1/2 Feb 2017. I filed and received refunds from Fed and State (NJ). I did not include RMD for a simple IRA I have with Chase. Can I include 2017 and 2018 RMD in the 2018 tax or do I have to file amended.

Submitted: 4 months ago.Category: Tax
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Answered in 1 minute by:
3/13/2018
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,642
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name’s Lane …

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

I’m reading your question now.

Bear with me a moment while I type up my response.

….

Then if you have further questions we can go from there.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago

I'm so sorry, but if you took the distribution in 2017 (physically received the funds anything between 01/01/2017 and 12.31.2017) .....

...

As calendar year/cash basis taxpayers, the distribution has to be reported on a 2017 return.

...

The IRS system will catch that there was a 2017 1099-R tied to your social security number that wasn't reported on a 2017 return.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago

SO, yes, this is exactly the kind of thing that the 1040X (amended return) is designed to cover.

...

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars on your screen, and then clicking “submit")

That’s the only way JustAnswer.com will credit me for the work.

But again, let me know if you need more here,

Lane

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Customer reply replied 4 months ago
I did not take the distribution, therefore I did not report it on my return's.
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago

Then you'll take in 2018 and report on the 2018 return. ... AND ... because, for traditional individual retirement accounts, including SEP and SIMPLE IRAs, required minimum distributions, or RMDs, must be taken by April 1 of the year following the calendar year you reach age 70 1/2, you'll not have the 50% excise tax either (if that was your question).

...

But again, no if you didn't receive the funds (take constructive receipt during the calendar, as IRS would put it) you have no 2017 reporting requirement

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars on your screen, and then clicking “submit")

That’s the only way JustAnswer.com will credit me for the work.

But again, let me know if you need more here,

Lane

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