Missed RMD for 2022

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My husband has an inherited IRA. For several years now we've had an auto order with our brokerage account to calculate the annual RMD and to distribute the RMD directly 60% to State for taxes and 40% to Feds. While preparing our taxes for 2022, it came to our attention the brokerage failed to execute the auto order this past year. The representative at the broker was unable to provide a reason as to why it was not processed. We were advised to file Form 5329 and request a waiver. We would be receiving a 1099R in 2023 for the missed 2022 RMD as well as the 2023 RMD. The broker is executing the RMD today and will send the tax payments to the state and fed on Monday.

I have the Desktop Premier version. How do I get the Form 5329 in answering the questions. Do I need to create a 1099-R? Also, my intention was to have the taxes distributed to the state and fed agencies from the missed 2022 RMD to apply toward the 2022 taxes. Is this possible or will I have to wait and have these apply toward the 2023? Thank you for any help you may be able provide.

JulieS

Alumni - Intuit

No, you do not need to create a 1099-R if you didn't get one. Here is how to add Form 5329 to your 2022 tax return in TurboTax Desktop without a 1099-R:

Click on Forms mode in the upper right corner.
Click Open form on the left side near the top.
Type in 5329.
Choose 5329-T for the taxpayer (first person listed on your tax return), or 5329-S (for spouse - 2nd person on tax return).
Click Open form in the lower right hand corner of the pop up box.
Scroll down to Part IX line 52 and enter the RMD amount that should have been taken.
On line 53 enter the amount of the RMD that was actually taken (zero if it was missed).
Then in the box right under line 53 "Waiver of Tax Smart Worksheet" enter the same amount as line 52 (the RMD amount).
Then click the "Explanation" button and enter the reason for missing the RMD and your statement requesting a waiver.