You'll need to sign in or create an account to connect with an expert.
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.
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 !
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Sharony
Level 2
Sharony
Level 2
leeyooj
New Member
clairemiley
New Member
jj_56
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.