If you missed taking an RMD in 2023 you should be able to file form 5329 and a letter of waiver that may allow you to avoid the penalty, if the IRS accepts your reason. But you will need to have received the RMD ( excess accumulation ) in 2024 which the IRS refers to as the correction window.
If those all apply you can follow the IRS instructions listed under Part IX of "instructions for form 5329".
But you will not be able to do this using turbo tax. TT requires that you have a 1099-R which of course in this case there is none. That because your RMD was paid out in 2024 instead of 2023.
Using forms in TT you can complete lines 52 and 53 on the 5329 form and TT even auto fills line 54 with the RC notation and the amount. TT also offers a special explanation window where you can enter your reason for having the penalty waived. At this point it appears that all is going well.
However, the trouble begins on line 55 where you need to follow instruction to determine if you qualify for the 10% rate vs. the 25% rate. If the instruction worksheet indicates that you qualify for the 10% rate then you are asked to check a box on line 55 in form 5329. At this point I would expect TT to calculate the amount for line 55, which would be 10% of your excess accumulation. But TT does not calculate your tax or make an entry on line 55. I was able to override and make the entry myself, but then TT complains that it can no longer verify calculations and that I need to remove my entry. This is bad because this amount is propagated to other forms and becomes part of your tax on the 1040 form. I called support and after looking into it the best they could offer was an apology and the bad news that I would not be able to e-file my taxes and would have to snail mail them. Not the end of the world, but also not why I purchased TT, I love e-file.
I hope this helps someone.
