topic Re: RMD in Get your taxes done using TurboTax

RMD

wklemmon — Sun, 02 Feb 2025 21:08:20 GMT

I missed taking an RMD. It is a small amount and I do not wish to request a waiver. Do I need to fill out Form 5329 or can I enter the 25% penalty directly on line 8 schedule 2 and check 5329 not required?

Re: RMD

fanfare — Sun, 02 Feb 2025 22:09:14 GMT

1) IRS almost always grants a waiver if you have taken timely action to resolve. So why not request it?

2) the penalty is 10% not 25% if you have taken timely action to resolve.

@wklemmon

Re: RMD

fanfare — Sun, 02 Feb 2025 22:14:51 GMT

The RMD remains outstanding if you refuse to take action. (it grows as your account grows which is to be expected).

Then the penalty is 25 % each year.

Re: RMD

AmyC — Wed, 12 Feb 2025 23:44:32 GMT

You need to fill out the 5329. This lets the IRS know that you know. You need to take the RMD to prevent future penalties.

I agree with fanfare that the IRS is very reasonable with waivers when things happen and action is taken when you realize there is an issue.
You are welcome to let the program calculate a penalty and enter it for you.