How do I file a substitute 1099-R?

[sien846581]

I executed my annual 2023 RMD from an inherited ROTH IRA on 12/29/2023. However, the transaction did not settle until 01/02/2024. When I contacted my financial institution, they instructed me to submit a Form 5329 to explain the situation to the IRS and to allow the RMD to post in 2023. Need help figuring out how to do this in TT.  Where do I access form 5329?  Is this the correct form for this situation?  How do I enter a 'substitute' form 1099-R?   Thanks!

[MarilynG1]

Form 5329 is the form to assess a penalty and request an exception for not taking RMD.  

You can report a 'substitute 1099-R' as you suggested, and indicate that the distribution is 'all RMD' and you will not be liable for any penalty or need Form 5329. 

Type '1099-R' in the Search area, then 'Jump to 1099'r' or scroll down to Retirement Plans & Social Security under Wages & Income. 

Reach out to your financial institution for their Federal ID number, so that you can Efile.

Use Code Q in Box 7 to indicate a 'qualified Roth distribution'.  There is no indication that a distribution is RMD on the form 1099-R. 

Here's more info on RMD's for Inherited IRA's.

[sien846581]

Thank You @MarilynG1  for your helpful reply.  As a follow up, I will be submitting a 'substitute 1099-R'.  However, as the RMD distribution officially posted on 1/02/2024 (despite being executed on 12/29/2023) my financial institution, Vanguard, assigned the RMD to 2024. Would it make sense that I would also need to submit a form 5329  to explain the situation and to 'request an exception for not taking the RMD' in 2023 ??  

And if I do opt to submit a form 5329, where / how do I access in TT ?  Appreciate your thoughts on the topic !

[DaveF1006]

No. Report that you received the RMD in 2023, if you did have a RMD requirement.  Report this in the manner MarilynG1 described and request another RMD distribution in 2024 so that you will meet the RMD requirement for 2024.