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Level 1
January 28, 2023
Question

I did not take required minimum distributions on an non-spousal inherited IRA since 2017. Can TurboTax Live help me with this?

  • January 28, 2023
  • 2 replies
  • 12 views
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2 replies

fanfare
Level 15
January 28, 2023

you have to calculate the individual RMDs for all those years and take the total in 2023 if you did not already do that.

If you have a good explanation (reasonable cause) for the delay , IRS may waive your late penalties. they usually do.

fanfare
Level 15
January 28, 2023

once you take out the total, you can report on your 2022 tax return that you took timely action in early 2023 and request the waiver of penalty.

@robin-lougee