Yes, the missed RMD should be reported on the 2023 return of the decedent. You should contact the trustee of the account and take the RMD as soon as possible.
You can file Form 5329 and ask for a penalty waiver based on the situation. If you have a Form 1099-R entered on the 2023 return, then follow these steps:
- Sign in to your TurboTax account.
- Select Wages & Income, then Review or Edit.
- Scroll down to IRA, 401(k), Pension Plan Withdrawals (1099-R), under Retirement Plans and Social Security, select Start or Revisit to the right.
- Answer Yes to Did you get a 1099-R in 2023?
- Follow the screen instructions to enter the 1099-R form.
- Continue until you get to Tell us more about the retirement plan distribution. Select I did not receive all the RMD for 2023, and select Continue.
- On the Required Minimum Distribution screen enter the RMD amount and actual amount received
- Enter information on the Let's see if we can reduce your tax bill, to apply for a waiver.
If you don't have a Form 1099-R to file, this can only be done using Forms mode, which is only available with the TurboTax Desktop software:
- Select the Forms icon in the upper right corner.
- Select Open Form and type in 5329.
- Scroll down to Part IX line 52 and enter the RMD amount that should have been taken. On line 53 enter the amount of the RMD that was actually taken (probably zero if it was missed).
- Then in the box right under line 53, Waiver of Tax Smart Worksheet enter the same amount as line 52 (the RMD amount).
- Select Explanation and enter the reason for missing the RMD and your statement requesting a waiver.
I am very sorry for your loss. Please feel free to reach out again if you have more questions.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
