You will request the waiver on Form 5329. Form 5329 instructions state:
- Complete lines 52a and 52b, and 53a and 53b, as instructed.
- 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.
- Complete line 55 as instructed.
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:
- Enter the forms mode and click on "Open Form" and type "5329".
- 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).
- 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.
- Click the "Explanation" button and enter the reason for missing the RMD and your statement requesting a waiver.
If using the TurboTax Online version and have no 2024 Form 1099-R to file, you will have to prepare the 5329 manually.
Download Form 5329 from the IRS website and fill it out the same as above. Print and mail your return with the 5329 form and explanation attached as described in the 5329 instructions.
The 2024 Form 5329 must be attached to your printed and mailed 2024 tax return and cannot be e-filed.
Please be aware that you can only use this method if you are requesting a waiver of the penalty and there is no taxable amount on Form 5329 form line 55 that must be transferred to Schedule 2 line 8.
Please see Relief for Reasonable Cause for additional information.
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