MarilynG1
Expert Alumni

Retirement tax questions

 

After you enter your 1099-R and indicate you did not take your RMD, and the amount, TurboTax asks 'Let's see if we can reduce your tax bill' to apply for the waiver within the program.

 

If you have not yet received a notice from the IRS for the missed distribution, you could check the box that 'you received the distribution during the correction window'  on Form 5329 and request the distribution, if you have not done so already.  Then there will be no penalty on your 2023 return.

 

Otherwise, yes, you are assessed the penalty but the IRS rarely denies a request for waiver, so you could enter $0 on Line 55, and fill out the Waiver Explanation Statement and Efile your 2023 return. 

 

Here's more info on Missed RMD's and Form 5329. 

 

 

 

 

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