What can I do If I forgot to take an IRA RMD from my IRA for 2019?

[davbem]

What is the penalty for not taking a RMD?

[fanfare]

bad news: the penalty tax is 50% of the shortfall.

Good news: you can request a waiver of the penalty tax and IRS  will grant that if you took timely action to rectify the situation.

[BUNYAP911]

I forgot to take the RMD for my wife's Traditional IRAs in 2021.  I will take the RMD ASAP next week... How do I report the late withdrawal in TurboTAX?

[fanfare]

you have to file 2021 Form 5329 and request a waiver of shortfall penalty, even though TurboTax makes this almost impossible. Maybe TurboTax is improved this year.

The actual income will be reported on your 2022 tax return.

[BUNYAP911]

Thank you so much... can I still file electronically with Turbotax... and mail in form 5329 as soon as I take the late RMD I will further review the filing instructions of the 5329 Thanks again.

[fanfare]

If you enter a "virtual 1099-R" you can attach 5329 to your tax return,

The problem is, as I understand it, if you delete that 1099-R, the 5329 is deleted also.
OR you could try a "virtual 1099-R" with a Box 1 distribution amount of 21 cents and e-File with that.

You would need the Payer TIN  and address from a previous 1099-R,  which TurboTax will insist on.

I don't have TurboTax 2021 to try this.

You might consider other tax software that works better.