Qualifying Notice Employer Withdrawal
Description
How to fill out Qualifying Event Notice Information For Employer To Plan Administrator?
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FAQ
The following steps are from the 2022 Form 5329: Line 52: Minimum required distribution. On this line, indicate the total amount of the RMD. ... Line 53: Amount actually distributed. List the amount that was taken. ... Line 54: Subtract line 53 from line 52. ... Line 55: Additional tax.
You may be able to get the penalty waived if you missed taking your RMD due to an illness, mental incapacity, or bank error. You'll calculate that penalty in Part 9 of Form 5329. To request a waiver, enter ?RC? (for reasonable cause) and the amount of shortfall you want waived on the dotted line next to Line 54.
For amounts below $5000, the employer can hold the funds for up to 60 days, after which the funds will be automatically rolled over to a new retirement account or cashed out. If you have accumulated a large amount of savings above $5000, your employer can hold the 401(k) for as long as you want.
To report a qualified charitable distribution on your Form 1040 tax return, you generally report the full amount of the charitable distribution on the line for IRA distributions. On the line for the taxable amount, enter zero if the full amount was a qualified charitable distribution. Enter "QCD" next to this line.
RMD shortfalls result in heavy penalties for the missed amount. Fortunately, Form 5329 allows you to appeal to the IRS for a penalty waiver. Sending a penalty waiver letter is an essential part of your request, as it outlines your situation and explains why you missed your RMD.
