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Beneficiary IRA - Required Minimum Distribution

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Kiawah

Senior Member
What is the name of your state (only U.S. law)?
TerryG2000

You asked your question then closed your thread so nobody can answer it.
 


TerryG2008

Junior Member
My apologies for the inconvenience and 2nd posting of this question, but thanks for pointing this out, Kiawah. My state is Illinois but I am only asking about the federal tax law since IL tax is calucated based on the IRS 1040 adjusted gross income.

*** original note below:

Hello ... Up until 2007 I had been making the annual RMD (required minimum distribution) each year for the IRA I inherited from my mother in 2003, but I forgot to request my broker to make the 2007 RMD in 2007 on time. I subsequently reported this on my 2007 federal income tax form, paid the penalty and have since made the RMD for both 2007 and 2008.

My question relates to my broker telling me that they can only report the total distributions actually made in 2008 and will show that on my 2008 1099, as opposed to sending me a 1099-R for each year. Since I already paid the 150% penalty for the missed RMD 2007, don't I only have to report the 2008 RMD as income for this year? And if so, isn't the broker required to send me two separate 1099-R or at least send me a corrected 1099 with the 2008 amounts?

Thanks in advance ... TerryG
 

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