Retirement tax questions

I would like to resolve whatever problem you are experiencing regarding your retirement RMDs; however, I'm not clear on what did and did not occur.  Based on what you described regarding your IRA accounts, 

• You took distributions from your retirement accounts that met your total combined RMD requirements. 
• There is not tax on line 55 of Form 5329-T

If the above is correct, there is no problem with your IRA RMDs.

For your wife's retirement accounts, I am not clear what took place.

1. Was your wife required to make Required Minimum Distributions (RMDs) for 2024?
2. Did your wife take distributions from her retirement accounts?
3. Did your wife receive Form(s) 1099-R for these distributions, and were they entered in TurboTax?
4. If your wife was subject to RMDs and took distributions, did the distributions taken satisfy the total combined RMD requirement for all of her accounts?

If the answer to question #4 is yes, then you don't seem to have a problem that needs to be resolved and you can ignore the rest of this message.

If your wife was subject to RMD and did not satisfy the requirement, then the following needs to be done:

• The missed RMD should be taken right away.
• A waiver needs to be requested using Form 5329.  Form 5329 instructions state:

1. Complete lines 52a and 52b, and 53a and 53b, as instructed.
2. Enter “RC” and the amount of the shortfall you want waived in parentheses on the dotted line next to line(s) 54a and/or 54b, as applicable. Subtract this amount from the total shortfall you figured without regard to the waiver, and enter the result on line(s) 54a and/or 54b, as applicable.
3. Complete line 55 as instructed.

If your wife had distributions and the Forms 1099-R were entered, but no 5329-S was created, you should revisit those entries and the subsequent questions.  To do so:

1. Click on the "Search" on the top right and type “1099-R” 
2. Click on “Jump to 1099-R”
3. Review your entries and continue through the questions
4.  On the "Review your 1099-R info" screen click "Continue"
5. On the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select "None of these plans failed to withdraw the RMD"

If you do not have a Form 1099-R to file this can only be done using the "forms" mode which is only available with the TurboTax Desktop software:

1. Enter the forms mode and click on "Open Form" and type "5329".
2. Scroll down to Part IX line 52 and enter the RMD amount that should have been taken. On line 53 enter the amount of the RMD that was actually taken (probably zero if it was missed).
3. Then in the box right under line 53 "Waiver of Tax Smart Worksheet" enter the same amount as line 52 (the RMD amount) under A. 
4. Click the "Explanation" button and enter the reason for missing the RMD and your statement requesting a waiver.