Less than RMD from IRA

My broker miscalculated my RMD from my IRA and I am approx $5000 short. I will need to file a Form 5329.

Where do I find this in Turbotax, and I understand I can request a waiver of the $543 penalty since it was not my fault. How do I do this?

1317

Expert Alumni

Apr 17, 2025 4:31:03 AM

Please take the missed RMD as soon as possible. You can request a waiver of the penalty if you have reasonable cause in the follow-up questions after you entered all Form 1099-Rs. Please see Relief for Reasonable Cause for additional information.

Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R” and enter your 1099-R
Enter the RMD amount for this account on the "Let's get more information about your Required Minimum Distribution (RMD)" screen
Continue until "How much of this distribution applied to your December 31, 2024 RMD?" screen and select "The entire distribution was an RMD" /or select "Only part of this distribution was a RMD" and enter the amount of RMD (if this distribution includes RMD for other IRA accounts then you included the amount here)
On the "Here's your 1099-R info" screen click "Continue"
On the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select "An IRA..."
On the "Total RMD for all other IRAs" screen enter enter the missing RMD amount
TurboTax will walk you through the questions and give you the options to request a waiver.

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Less than RMD from IRA