When should form 5329 be filed for a missed RMD on an inherited IRA?
I have an inherited IRA I missed an RMD from in 2024. I corrected this by withdrawing the RMD in 2025 but am unclear when form 5329 should be filed to document the correction and ask for a waiver of fees.
Should this be filed with my 2024 taxes since that is the year of the missed RMD, or should it be filed with my 2025 taxes (ie. next year) since that is the year the RMD correction was distributed?
Answers
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I found the page on the IRS website about RMD
I think this part might help, it sounds like it depends on when it was 'required'
Q8. What happens if a person does not take a RMD by the required deadline? (updated Dec. 10, 2024)
If an account owner fails to withdraw the full amount of the RMD by the due date, the amount not withdrawn may be subject to an excise tax of 25%, 10% if the RMD is timely corrected within two years. The account owner should file Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts, with their federal tax return for the year in which the full amount of the RMD was required, but not taken.
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