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With regard to sending out RMD notices, the IRS requires financial institutions who are traditional IRA custodians to send a statement to traditional IRA owners who are subject to RMDs in a particular year.
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.
The TSP will automatically withdraw your RMD for you at the end of the year if you dont do it yourself.
RMDs are reported to the IRS. IRA custodians must indicate on Form 5498, IRA Contribution Information, if an RMD is due for the year from that account and file Forms 5498 with the IRS by May 31 each year.
See when to start taking RMDs Your first RMD must be taken by 4/1 of the year after you turn 73. Subsequent RMDs must be taken by 12/31 of each year. If you dont take your RMD, youll have to pay a penalty, follow the IRS guidelines and consult your tax advisor.
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How to Calculate RMDs. The account custodian should be able to tell you the RMD for the account held there. However, you can also calculate what you owe on your own. When calculating your RMD for any given year, it is always wise to confirm on the IRS website that you are using the latest calculation worksheets.
RMD notice recipients IRA custodians and trustees are required by January 31 each year to send an RMD notice to traditional (including simplified employee pension, or SEP) and Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) IRA owners who are required to take a distribution for that year.
Although the IRA custodian or retirement plan administrator may calculate the RMD, the account owner is ultimately responsible for taking the correct RMD amount.
Get tax Form 5329 from a government agency, a tax preparation service, or you can download it from the IRS website. Once you have the proper form, fill in your personal details including your name, address, and social security number.
Your Required Minimum Distribution, or RMD, should be reported to you on form 1099-R. You will report this in the program as follows: Federal Section. 1099-R, RRB-1099, RRB-1099-R, SSA-1099.

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