RMD underpayment

[Mikeh8]

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!

[JohnB5677]

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:

1. Wages & Income
2. IRA, 401(k), Pension Plan Withdrawals (1099-R)
3. Did you get a 1099-R in 2021? Yes
4. Get ready to be impressed - Continue
5. Select Change how I enter my form
6. Type it Myself
7. Continue the interview from here.
8. In most cases Box 7 is code  7
9. There will be a question: Do any of these situations apply to you?
10. Select I need to file a substitute 1099-R
11. 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
 

[Mikeh8]

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