Ira distribution

[TAX4US]

TP was required to do rmd for 2015(not first year). Tp did not. TP corrected by taking the missing amount early 2016. TP received a 2016 1099R with a code 8. Year in box says 2015. Taxable in 2015 or 2016? I am drawing a blank. If taxable in 2015 do the amended return and do include it in gross amounts for 2016? Thanks for a response.

[JudyL]

Code 8 means...

Code 8 isn't used for an RMD. That code 8 indicates a return of excess contribution or return of contribution and may also have earnings returned also. The excess occurred in 2015 and was returned in 2016. This is reported on the 2016 return, not an amended 2015 return. It should initially flow to line 15a, and then form 8606 is required as part of this also.

[RWG1950]

missed IRA RMD

TP was required to do rmd for 2015(not first year). Tp did not. TP corrected by taking the missing amount early 2016. TP received a 2016 1099R with a code 8. Year in box says 2015. Taxable in 2015 or 2016? I am drawing a blank. If taxable in 2015 do the amended return and do include it in gross amounts for 2016? Thanks for a response.

If a 2016 FORM 1099-R was issued, what box do you refer to that says 2015 ?

has your taxpayer contacted the 1099-R issuer (and / or investment provider ) to ensure it is coded correctly ?

[TAX4US]

I agree taxable in year received. TP is to bring me actual copy of 1099r. This will clear confusion. Thanks to all.