ThomasM125
Expert Alumni

Get your taxes done using TurboTax

I think you mean that you missed a required minimum distribution from your pension plan. If so, you can apply to have the associated penalty removed.

 

You won't report the distribution on your 2021 tax return since it was taken in 2022. Since the distribution is late, you can file form 5329 with your 2021 tax return to request a waiver of the penalty for not taking a distribution.

 

You can only do this in the desktop version of TurboTax if you don't have a 2021 form 1099-R to enter. You use the Forms mode to bring up form 5329 and scroll down to Part IX, line 52 and enter the RMD amount that should have been taken. Enter the actual amount taken or $0 if no RMD was taken on line 53. 

 

In the box under line 53, enter the RMD amount.  Click on the explanation button and enter the reason for missing the RMD. The IRS will let you know if you owe a penalty, which would be 50% of the required RMD amount that was missed.

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