topic RMD in Get your taxes done using TurboTax

RMD

Bethdietgirl — Mon, 23 Feb 2026 13:55:56 GMT

Due to a misunderstanding with ameritrade I did not take the required RMD for 2022 for one of my IRA stocks . Ameritrade has since sold my account to Schwab . How do I account for this on my taxes and is there a way to back pay the RMD

Re: RMD

Bsch4477 — Tue, 28 Mar 2023 21:19:05 GMT

Have your 2022 RMD withdrawn as soon as possible and send Form 5329 for waiver of the penalty.

Re: RMD

MayaD — Tue, 28 Mar 2023 21:19:10 GMT

Per IRS: If an account owner fails to withdraw the full amount of the RMD by the due date, the amount not withdrawn is subject to a 50% excise tax. SECURE 2.0 Act drops the excise tax rate to 25%; possibly 10% if the RMD is timely corrected within two years. The account owner should file Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts, with their federal tax return for the year in which the full amount of the RMD was required, but not taken.

Check DanaB27 answer for instructions on how to handle the late/missed RMD