You must take the RMD as soon as possible and then file form 5329 and a letter of penalty forgiveness with TurboTax online. You will need to file a 5329 form and request a waiver of the penalty. (The waiver would only be denied if there is no reasonable explanation and the missed RMD was not taken at all.)
You will post a substitute 1099-R
To file a substituted 1099-R:
- Wages & Income
- IRA, 401(k), Pension Plan Withdrawals (1099-R)
- Did you get a 1099-R in 2021? Yes
- Get ready to be impressed - Continue
- Select Change how I enter my form
- Type it Myself
- Continue the interview from here.
- In most cases Box 7 is code 7
- There will be a question: Do any of these situations apply to you?
- Select I need to file a substitute 1099-R
- Continue through the interview
View or Download the blank 2021 5329 form here:
Form: http://www.irs.gov/pub/irs-pdf/f5329.pdf
Instructions: http://www.irs.gov/pub/irs-pdf/i5329.pdf
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