My client did not take his 401K RMD in 2018 and just discovered this. Does he contact the financial distributor and take the RMD now and it is filed with 2019 return. Or do we file an amended 2018 return to include the RMD for his 2018 RMD on the 401K.
Take the 2018 ASAP and be sure to also get the 2019 this year. This will result in both being taxed in 2019. There is a penalty for not taking the RMD, so you should file a 5329 for 2018. You can request a waiver of the penalty. https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-required-minimum-distributions#9
The 5329 can be filed all by itself. There is signature area on page 2, so it can be completed and mailed with either payment or waiver request.
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