AnnieR Posted April 8, 2009 Report 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
Dave T Posted April 9, 2009 Report 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
jasdlm Posted April 9, 2009 Report 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
JohnH Posted April 9, 2009 Report 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
jasdlm Posted April 9, 2009 Report Posted April 9, 2009 My bad . . . listen to JohnH. (Too quick on the keyboard . . . too slow in the brain.) Quote
Dave T Posted April 10, 2009 Report 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
AnnieR Posted April 10, 2009 Author Report 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
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