shouldn't my 5498 for 2021 show the RMD I took?

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montanagirl
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Joined: Thu Nov 19, 2009 3:55 pm
Location: Montana

shouldn't my 5498 for 2021 show the RMD I took?

Post by montanagirl »

I got my f5498 today and it shows my Roth conversions on line 3 but nothing for RMD on line 12.

So I went back and looked, and it's rather hard to find dates of RMD but I do see that total distributions = Roth conversions + RMDs.

Is this normal? Seems like the form would be a good place to expressly note compliance.
Katietsu
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Joined: Sun Sep 22, 2013 1:48 am

Re: shouldn't my 5498 for 2021 show the RMD I took?

Post by Katietsu »

I do not think that is the purpose of box 12. Read the description for box 12. It should say that box 12 provides the RMD for the next year. In your case, box 12 would show the 2022 required RMD. Using the 5498 is just one allowable method of providing this information to you. In my experience, the RMD information is more often provided separately as notification must occur in January.
Topic Author
montanagirl
Posts: 1805
Joined: Thu Nov 19, 2009 3:55 pm
Location: Montana

Re: shouldn't my 5498 for 2021 show the RMD I took?

Post by montanagirl »

Katietsu wrote: Tue May 17, 2022 12:04 pm I do not think that is the purpose of box 12. Read the description for box 12. It should say that box 12 provides the RMD for the next year. In your case, box 12 would show the 2022 required RMD. Using the 5498 is just one allowable method of providing this information to you. In my experience, the RMD information is more often provided separately as notification must occur in January.
Well it shows nothing at all for box 12 so I still don't understand.
Katietsu
Posts: 7677
Joined: Sun Sep 22, 2013 1:48 am

Re: shouldn't my 5498 for 2021 show the RMD I took?

Post by Katietsu »

It usually shows nothing at all, in my experience. The brokerage can use box 12 to inform everyone of the current year RMD but does not have to use the 5498 at all for this purpose. More often, you would have received a separate letter in January providing you with the required RMD information. If they send you the letter in January, they will likely leave box 12 of the 5498 blank.


You can read this link if you want to know all the gritty details.

https://www.wolterskluwer.com/en/expert ... pproaching

The 2021 withdrawal that you took to satisfy the RMD is reported on the 1099-R. Honestly, the IRS has a pretty poor handle on compliance with required RMDs as far as I can tell.
Alan S.
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Location: Prescott, AZ

Re: shouldn't my 5498 for 2021 show the RMD I took?

Post by Alan S. »

You are looking at your Roth 5498. There are no RMDs for a Roth IRA so box 12 will always be blank, but the form does show the conversion contribution.

Check your TIRA 5498 for 2020 for info about your 2021 RMD. But the actual distribution is reported on a 2021 1099R.
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