Line 54 should be $1,000. It may be that you need to re-boot your computer or clear your cache and cookies to get the form to populate properly. It is also possible that it is an error on TurboTax's part, as it is early in the tax season for pension related issues. If so, it will clear up in a short period of time. If you are using the desktop version of TurboTax, make sure you do the updates.
The waiver is for the 25% excise tax on the RMD deficiency amount. It is technically a tax, not a penalty.
You can prepare a substitute form 1099-R to report the interest income in 2023 as follows:
- Go to the personal income section of TurboTax
- Find the Retirement Plans and Social Security menu option
- Start or Update IRA, 401(k), Pension Plan Withdrawals (1099-R)
- Choose Add Another 1099-R
- Choose I'll type it in myself
- On the screen that says Tell Us Which 1099-R You Have choose I need to prepare a Substitute 1099-R
- Enter the distribution amount in box 1 of the substitute 1099-R
- Enter the earnings in box 2(a)
- Enter code "P" in box 7
- Indicate that the 1099-R form is for tax year after the one you are filing for
[Edited 1/29/24 at 1:58 EST] @CINNA
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
