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catonsville · Apr 6, 2014, 11:20 AM

1. I have a K-1 form to file non-IRA and Turbo asks questions that are not apparently on the K-1 form.

2. It wasn't until I contacted Fidelity that I was able to get my RMD, to late to get it posted, before 2013 was over. I have since withdrawn more than enough
To cover the RMD. Should I include this oversight with my 2013 filing or should I send a letter later with an explanation of why I missed the RMD date? My other RMD's were posted properly for 2013.

AtlantaTaxExpert · Apr 6, 2014, 06:48 PM

1). Not sure how to handle this issue because I do not use TurboTax. Are you sure you are using the correct Schedule K?

2) You have a problem, because the IRS is going to react to the Form 5498 which shows no RMD and respond with a notice assessing the required penalty. At that time, you may be able to get them to waive the penalty if you explain what happened.

catonsville · Apr 7, 2014, 11:18 AM

Thanks, contacted TT and they helped me get thru the K-1.

My RMD, I guess I will wait until IRS contacts me. I did take out more than necessary to cover the mistake. I also did away with Fidelity. Generally when I determine the RMD, I respond in March or April as opposed to waiting until the end of the year so they get their money (IRS).

AtlantaTaxExpert · Apr 7, 2014, 01:35 PM

A fair number of people want to "do away with Fidelity", but I think you mean you mean you cancelled your account with them.

catonsville · Apr 7, 2014, 05:37 PM

Originally Posted by AtlantaTaxExpert

A fair number of people want to "do away with Fidelity", but I think you mean you mean you cancelled your account with them.

Yes Sir, Correct