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Missed mom's RMD for 2021 due to technical difficulites and med issues - so no 1099-R (that was the clue)- how do I deal with /fix it?

 
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PattiF
Expert Alumni

Missed mom's RMD for 2021 due to technical difficulites and med issues - so no 1099-R (that was the clue)- how do I deal with /fix it?

The late RMD is taxed in the year that it was received which will be 2022.

 

Yes, it is taxed in the year it is received. There will be a penalty for 2021 so you will need to follow the steps below.

 

You must include form 5329 when you e-file and Unfortunately this can only be done using the "Forms" mode which is only available with TurboTax CD/Download if you do not have a 1099-R to file.

 

You can change to TurboTax Basic CD/Download if you choose.

Once this is completed here are the steps to add Form 5329 to your return.

  1. Enter the forms mode and click on open form (left). Type in 5329.
  2. Choose 5329-T for the taxpayer (first person listed on your tax return), or 5329-S (for spouse - 2nd person on tax return)
  3. Scroll down to Part IX line 52 and enter the RMD amount that should have been taken.
  4. On line 53 enter the amount of the RMD that was actually taken (probably zero if it was missed).
  5. Then in the box right under line 53 "Waver of Tax Smart Worksheet" enter the same amount as line 52 (the RMD amount). Then click the "Explanation" button and enter the reason for missing the RMD and your statement requesting a waver.

You will not pay any penalty now until the IRS determines if it will grant the waver, then they will inform you if you owe the penalty.

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