How can I report that I missed my RMD in 2024. TurboTax did *not* ask me this question: Did you miss a required distribution from any retirement accounts?

[DaveF1006]

It depends. Did you turn 73 in 2024? TurboTax wouldn't ask for this unless your birth year is 1951 or prior.

[ambc]

Thanks, Dave. I have an Inherited IRA. I report the RMD every year so TurboTax knows I have a history of reporting this item. I believe I need to file IRS Form 5329 but I don't know where to find this form on TurboTax.

[DanaB27]

If you are under the RMD age and do not have a Form 1099-R entered for the inherited IRA you will not get the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen in the retirement section to file Form 5329.

To file Form 5329 in your case you will need to use "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 52a and enter the RMD amount that should have been taken. On line 53a 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.

If using the TurboTax Online version and have no 2023 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.

[ambc]

Thank you, Dana. I will look into the Desktop option and review the instructions.

However, if I determine that that there is a taxable amount on Form 5329 form line 55, how do I proceed? 

[ambc]

If I switch from the on-line version to the desktop version, do I have to re-enter all my information?

[DaveF1006]

Here is how to transfer your .2024 tax file to your desktop.

1.  Log into your online return. 
2. Go to tax tools
3. tools
4. Save your 2024 return to your computer
5. This should be saved in your downloads in your briefcase icon on the bottom of your screen.

Now open your TurboTax desktop.

1.  Click on the link Find a Tax File
2. If the tax file as been saved, you should be able to find the tax file.  When you see it, select it. and then open your desktop return.