TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 2

Question

RMD underpayment

Forum|Forum|4 years ago
April 13, 2022
1 reply
3 views

I've got four IRAs and I always take my RMDs in December. This year I took RMDs on three of the four, but I forgot to take the RMD on the fourth one. I believe I've got to file a Form 14568-H; is this the correct form and is it available in TurboTax or do I need to file this separately? Thanks!

Level 15

You must take the RMD as soon as possible and then file form 5329 and a letter of penalty forgiveness with TurboTax online. You will need to file a 5329 form and request a waiver of the penalty. (The waiver would only be denied if there is no reasonable explanation and the missed RMD was not taken at all.)

You will post a substitute 1099-R

To file a substituted 1099-R:

Wages & Income
IRA, 401(k), Pension Plan Withdrawals (1099-R)
Did you get a 1099-R in 2021? Yes
Get ready to be impressed - Continue
Select Change how I enter my form
Type it Myself
Continue the interview from here.
In most cases Box 7 is code 7
There will be a question: Do any of these situations apply to you?
Select I need to file a substitute 1099-R
Continue through the interview

View or Download the blank 2021 5329 form here:
Form: http://www.irs.gov/pub/irs-pdf/f5329.pdf
Instructions: http://www.irs.gov/pub/irs-pdf/i5329.pdf

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

Mikeh8Author

Level 2

Thanks! this gave me a big feeling of relief. Clearly explained the situation and correction mechanism.