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I did not withdraw Required distribution from my IRA. Can I do it now?

Did not withdraw for 2021.
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2 Replies
ThomasM125
Expert Alumni

I did not withdraw Required distribution from my IRA. Can I do it now?

The deadline for making your required minimum distribution is December 31, unless this is your first year that it is required, and then you have until April 1 of the year following the tax year you are working on. You can apply for a waiver of the penalty by completing form 5329, part IX, line 52 through 55, and attaching a waiver request with your tax return.

 

If you prepare your tax return using the online version of Turbo Tax,  you may need to mail in your tax return and attached the waiver of penalty request along with form 5329, as you won't be able to prepare it online if you don't have a form 1099-R reporting the pension distribution.

 

If you prepare your tax return using the desktop version of TurboTax, and opt to use the forms mode to prepare form 5329, please keep in mind that forms prepared using the forms mode in TurboTax will void your accuracy guarantee, at least as it pertains the forms in your return not prepared using the question and answer mode.

 

@Iclark4475 [Edited 1/11/22 at 4:00 PST]

 

 

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I did not withdraw Required distribution from my IRA. Can I do it now?

See the answer here.

https://ttlc.intuit.com/community/retirement/discussion/i-forgot-to-make-my-2021-rmd-withdrawal-what...

 

You need to make your withdrawal now, then you need to include a special form to request a waiver of the penalty for missing the 12/31 deadline.  There are instructions included in how to do this, but it requires turbotax installed on your own computer from a CD or download and not Turbotax online. 

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