When to file 5329 for late RMD

Byrnside1

I turned 73 in 2024 so was required to take my first RMD by April 1 of this year. However, I misunderstood the instructions and thought I had until the end of this year to take it. I am today completing the paperwork to receive the RMD. I filed for an extension to file my 2024 tax return (for reasons unrelated to the RMD matter) and must file by October 15. I understand I must complete Form 5329 for the late RMD. Do I include this form with the 2024 tax return or the 2025 return since I am receiving the funds in 2025? Or do I send it separately, and, if so, for what year? I’m reading conflicting info on this online. Thanks so much!

MatthewD

Hi Byrnside,

You are correct. The IRS says this:

"Q3. When must I receive my required minimum distribution from my IRA? (updated Dec. 10, 2024)
You must take your first required minimum distribution for the year in which you reach age 73. However, you can delay taking the first RMD until April 1 of the following year. If you reach age 73 in 2024, you must take your first RMD by April 1, 2025, and the second RMD by Dec. 31, 2025."

Yes, you should include Form 5329 in your 2024 tax return. When you complete that section in the software you may request a waiver.

To complete the 5329 start on the "Retirement Income (Form 1099-R)" page by clicking on the Income menu. When on the "Retirement Income (Form 1099-R)" page, click Continue.

Answer the questions on the "Required Minimum Distribution" page and continue until you complete that section.