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I have an IRA at Pentagon Federal Credit Union. They mailed…

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I have an IRA...

I have an IRA at Pentagon Federal Credit Union. They mailed a notice to my old address which I did not get. I should have taken an RMD in 2016 & 2017. Pen Fed calculated 2016 is $1274.56 & 2017 is $1354.19. I am using Turbo Tax to do my 2017 taxes and Turbo Tax called for an 1099-R for be filled out for each of those RMD's. Please advise.

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

Pen Fed has disbursed $1274.56 & $1354.19 to my checking account. Pen Fed tells me I should not report these 2 disbursments till tax year 2018. Please advise.

Submitted: 3 months ago.Category: Tax
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Answered in 8 minutes by:
3/27/2018
Tax Professional: Lev, Tax Advisor replied 3 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,124
Experience: Taxes, Immigration, Labor Relations
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If distribution was made in 2018 - the administrator of your IRA account is correct.

They will issue 1099R for these distributions for 2018 and that will be reported on your 2018 tax return.

However - as RMD were not taken timely - you will be subject to penalty.

You may however ask to wave the penalty.

The penalty and the waiver - all reported on from 5329 which you will attach to your 2018 tax return - based on when actual distribution was made.

Let me know if any clarification needed.

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