Form 5329 - missed RMD

[MikeC24]

I missed taking the 2022 RMD for an IRA and took it in January 2023. I am using the downloaded desktop version and have completed the 5329 in the forms sections - how do I include the taxable distribution in my 2022 taxes?  Turbotax is not including the distribution amount I added in line 52 in the running total or tax withheld (there's not a place to add withholding on the form) 

Do I wait to claim it when I file the 2023 taxes as an amended return? (when I get a 2023 tax form for the prior year 2022 RMD)

When I go to file 2022 the 5329 will be included automatically with the return? 

[MarilynG1]

Issuing  your RMD properly is the responsibility of the plan administrator.  Your 1099-R issuer is required to follow RMD rules and regulations, so if you received a distribution and you're at least 72 years young, you can be almost certain you received an RMD.

If you received a 1099-R for 2022, enter it in TurboTax and indicate that 'some or all the distribution was RMD'.  You will not need Form 5329.

Here's more info on Form 5329 and RMD.

@MikeC24 

[MikeC24]

Thank you - This is for an inherited IRA from my father (I'm not of RMD age yet) - the annual auto payment was shut off for 2020 and never restarted - the brokerage firm did not inform me that I missed the payment.  As I made the distribution in January 2023 there's no 1099R for 2022, but there will be one for 2023 for this distribution (and the one I take in Dec 2023).   Do I include this distribution with the 2022 filing?  

[MaryK4]

No you will not include the 2023 distribution with your 2022 tax return, but you will want to report the missed RMD, and if you want to request a penalty waiver follow the following steps:

You must include form 5329 when you e-file and Unfortunately this can only be done using the "Forms" mode which is only available with TurboTax CD/Download if you do not have a 1099-R to file.

You can change to TurboTax Basic CD/Download if you choose.

• How to switch from TurboTax Online to TurboTax CD/Download?

Once this is completed here are the steps to add Form 5329 to your return.

1. Enter the forms mode and click on open form (left). Type in 5329.
2. Choose 5329-T for the taxpayer (first person listed on your tax return), or 5329-S (for spouse - 2nd person on tax return)
3. Scroll down to Part IX line 52 and enter the RMD amount that should have been taken.
4. On line 53 enter the amount of the RMD that was actually taken (probably zero if it was missed).
5. Then in the box right under line 53 "Waver of Tax Smart Worksheet" enter the same amount as line 52 (the RMD amount). Then click the "Explanation" button and enter the reason for missing the RMD and your statement requesting a waver.

You will not pay any penalty now until the IRS determines if it will grant the waver, then they will inform you if you owe the penalty.

@MikeC24