Missed RMD

[KP122]

We missed taking the RMD by two weeks.  Where in TurboTax can we file the IRS Form 5329?  We didn't receive a 1099-R from the investment company so we have nothing to input in that section.  Thanks.

[Bsch4477]

https://ttlc.intuit.com/community/retirement/discussion/2023-missed-rmd-how-to-file-5329-in-turbotax....

[Mike9241]

To avoid penalty on missed RMD, you need to:
Take the RMD as soon as possible.
File the 2023 IRS Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts.
Report the missed RMD by completing the lines 52 & 53 on Form 5329. in TurboTax enter the amount in box A for the amount of the missed RMD you're requesting a waiver
use the link to enter an explanation stating your case for why the penalty should be waived. You forgot is probably not a reasonable cause. 

[KP122]

On what page or form is the Box A you're speaking of in your response?  Since I didn't get a 1099-R I assume I put the RMD amount in Box 1 and Box 2 to indicate it was late?

[DanaB27 · Accepted solution]

You will enter it on Form 5329, Box A is the "Waiver of Tax Smart Worksheet" under line 53 in the TurboTax Desktop form mode.

Please follow these steps in "forms" mode, which is only available with the TurboTax Desktop software, if you do not have a Form 1099-R to file:

1. Enter the forms mode and click on "Open Form" and type "5329".
2. 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 (probably zero if it was missed).
3. Then in the box right (labeled A) under line 53 "Waiver of Tax Smart Worksheet" enter the same amount as line 52 (the RMD amount). 
4. Click the "Explanation" button and enter the reason for missing the RMD and your statement requesting a waiver.

If using the TurboTax Online version and have no 2023 Form 1099-R to file, you will have to prepare the 5329 manually.

Download Form 5329 from the IRS website and fill it out the same as above. Print and mail your return with the 5329 form and explanation attached as described in the 5329 instructions. The 2023 Form 5329 must be attached to your printed and mailed 2023 tax return and cannot be e-filed.

Please be aware that you can only use this method if you are requesting a waiver of the penalty and there is no taxable amount on Form 5329 form line 55 that must be transferred to Schedule 2 line 8.

[B52-D]

I missed my RMD in 2022 and filed a 5329 requesting a waiver.  I took the extra withdrawal from the IRA in 2023 but I have not found anyway to report the action that I took. Can you advise me where to put that information. Thanks.

[DanaB27]

You should have gotten a 2023 Form 1099-R for the RMD and you will enter this in TurboTax to report on your 2023 tax return:

1. Login to your TurboTax Account 
2. Click on "Search" on the top right and type “1099-R”
3. Click on “Jump to 1099-R” and enter your 1099-R

@B52-D 

[B52-D]

The problem is that I got a 1099-R with the RMD for both 2023 and 2022  as one number. There does not seem to be a way  or requirement to indicate the RMDs are for two different years. I have not found any line item that let me tell the IRS that I am correcting the past due RMD for 2022.  I plan to just pay it and move on hoping that is the correct procedure. Do you know of a better plan?

[DanaB27]

You do not need to indicate that the RMD was for 2022 and 2023. Just keep the documentation that you received the 2022 RMD in 2023 for your records.

@B52-D