Since you are using TurboTax Desktop, you have the ability to generate Form 5329 by going to Forms Mode, clicking Open Forms and searching for 5329 in the search box.
Once you have Form 5329 open, go to Part IX Additional Tax on Excess Accumulation in Qualified Retirement Plans
Enter the amount of RMD you should have taken on Line 52a. Note, ensure you have the correct RMD amount that was provided by the financial institution
Enter zero (0), for the amount actually taken, in Line 53a
Next, enter the explanation in the Waiver of Tax Smart Worksheet found just below Line 53b. When requesting a waiver, your written explanation to the IRS should be concise and cover three things:
- Briefly explain why the RMD was missed (e.g., lack of clarity on inherited account rules)
- State that you have already taken the required withdrawal (or are taking it immediately)
- Mention that you have established a process to ensure future distributions are taken on time
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