If 2016 is your first year for which RMD was required, the deadline for taking 2016 RMD is April 1, 2017. As it is not late yet, no special reporting is required. You'll receive 1099-R next year and you will report it next year. Be sure to take the RMD for 2017.
IF 2016 is not your first year for RMD, you may request a waiver of penalty, and the IRS often allows it if you can show that RMD was taken due to a reasonable error an actually took steps to fix the error. The data entry in TurboTax to request a waiver depends on the following:
a. If you have no Form 1099-R - you would have to manually prepare Form 5329 according to its instructions and request the waiver of penalty and to enter the explanation. To have access to forms, you must use a cd/download version of Turbo Tax. You may consider printing the form on the IRS website, do it by hand and attach it to your printed and mailed tax return.
b. If you have received form 1099-R for any IRA distribution, please enter the form information and go through the questions. You will be asked if you have met RMD requirements, what is the required amount and actual amount received. If zero, Turbo Tax will ask to type in explanation where you can show the reasonable error and what steps were taken to fix it. IRS often allows a waiver of the penalty if reasonable steps are taken (see pic).
i ma asking the question...Not replying...I have been trying to get an answer for quite a while and get no help from turbo tax folks...No help at all, just computer confusion
@JPous58 wrote:
i ma asking the question...Not replying...I have been trying to get an answer for quite a while and get no help from turbo tax folks...No help at all, just computer confusion
What is your question? This is an OLD post from 2016 you are tagging on to.
Please provide the details of your situation and it would be better if you asked a NEW question in your own thread.