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Retirement tax questions
When entering your 1099-R in your 2021 return, did you indicate that you did not take an RMD? If so, your penalty would have been assessed on Form 5329 in your 2021 return.
If not, and your failure to take the RMD in 2021 was not your fault, you don't need to pay a penalty.
When entering your 1099-R in TurboTax for 2022, indicate that 'all of this distribution was RMD' and no penalty will be assessed.
Since plan administrators are responsible for distributing RMD correctly, you can assume that your 1099-R has the correct amounts included each year.
Here's more info on RMD Distributions.
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‎February 10, 2023
3:01 PM