It depends if your RMD requirements were met from other distributions. here is how to report.
If you have multiple Traditional IRAs, the IRS allows you to calculate the RMD for each but take the total sum from just one account. In this case, you don't actually need to "report" the $0 distribution for the second account.
- When you enter the 1099-R for the account that did pay out, TurboTax will ask: "How much of this distribution was an RMD?" * Select "Only part of this distribution was an RMD" (or use the $0 method depending on your version).
- Enter the total aggregated RMD amount for all your IRAs here. This tells the software that the distribution you took covered the requirements for your other "silent" IRAs.
If you didn't take any distribution (or didn't take enough) to cover that specific IRA’s requirement, you must file Form 5329 to report the shortfall and potentially request a waiver of the penalty (which is now 25%).
- Go to the Federal section > Wages & Income.
- Find the Retirement Plans and Social Security section.
- Click Start/Revisit next to IRA, 401(k), 403(b) (1099-R).
- Even if you have no 1099-R, continue through the screens. Look for a screen titled: "Did You Miss a Required Distribution?"
- Answer Yes, select the account type (IRA), and enter the amount you were supposed to take versus what you actually took ($0).
Once this is reported, a 5329 will be generated to report the "shortfall" and report the penalty. The IRS does not require a specific "Total RMD Amount" to be listed on your Form 1040. They only care about the taxable amount and the 5329.
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