What should I do if I forgot to withdraw my small ($400) rmd by Dec 31, 2024?

[AnshuB]

I file Married filing Jointly. My wife has a small IRA. Due to oversight we forgot to withdraw her $400 RMD by year end 2024. I realized it while working on our tax return. The broker says they won't issue the 1099 R as there was no withdrawal. What's my options?

[DanaB27]

Take the missed RMD as soon as possible.  You will report the distribution next year on your 2025 return. Don't forget to take the RMD for 2025 by December 31, 2025. Therefore, you will have two RMDs on your 2025 return.

To report the missed RMD please follow the steps below. You can request a waiver of the penalty if you have reasonable cause. Please see Relief for Reasonable Cause for additional information.

1. Login to your TurboTax Account 
2. Click on "Search" on the top right and type “1099-R”
3. Click on “Jump to 1099-R” and enter your 1099-R
4. On the "Review your 1099-R info" screen click "Continue"
5. On the "Did You Miss a Required Distribution From Any Retirement Accounts?" screen select "An IRA..."
6. On the "Total RMD for all other IRAs" screen enter the $400 RMD
7. TurboTax will walk you through questions and then fill out Form 5329 for you.