I missed the cutoff date for requesting my RMD for 2021. I took it on1/4/2022. What do I need to do?

[ColeenD3]

How you handle this depends on whether or not it is your first year.

If you turned 72 in 2021 then you have until Apr. 1, 2022 to take the first RMD so it would not be late.

If this is not the case, you will need to file a 5329 form and request a waiver of the penalty. (The waiver would only be denied if there is no reasonable explanation and the missed RMD was not taken at all.)

Unfortunately this can only be done using the "forms" mode that is only available with the desktop software if you do not have a 1099-R to file.

If you do have a 2021 1099-R to report then the RMD question in the interview will go to the form 5329 waiver interview if you say that the 2021 RMD was not taken.

[dmertz]

If the entry is made in forms mode because you do not have other Forms 1099-R to be able to make the entry in step-by-step mode, revisiting the 1099-R section in step-by-step mode can cause the forms-mode entry to be erased, so one must be careful using forms mode.

The distribution made in 2022 will be taxable on your 2022 tax return.

[rumpie]

When I fill in 5329 with the amount that should have been withdrawn from my IRA, the 2021 Income statement shows a 0 taxable amount on the IRA retirement line.  Should it show the amount to be taxed?

[dmertz]

A distribution that you did not receive in 2021 is not taxable in 2021.  The late-taken RMD is taxable on your 2022 tax return.