The RMD for 2024 will be reported on your 2025 return when you get the 2025 Form 1099-R in 2026. Don't forget to take your 2025 RMD.
You will need to file Form 5329 for the missed RMD and request a waiver of the penalty if you have reasonable cause. Please see Relief for Reasonable Cause for additional information.
Please follow these steps in TurboTax Desktop to file Form 5329:
- Click "Federal Taxes" on the top and select "Wages & Income"
- Click "I'll choose what to work on"
- Scroll down and click "Start" next to "IRA, 401(k), Pension Plan (1099-R)"
- Answer "No" to the question "Did You Have Any of These Types of Income?" on the "Did you receive any 1099-R forms?" and continue.
- Continue until the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select what is applicable.
- TurboTax will walk you through the RMD questions
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