RMD entry for iRA with no distribution

[ReneV4]

If you are being prompted to make an RMD entry, it may mean that you are required to take a distribution due to your age.

Required Minimum Distributions (RMDs) are mandatory withdrawals from retirement accounts starting at the age of 73.

If you are now at the age, but did not take the distribution, here are a few things to know:

• You must immediately take the distribution to minimize penalties, which are 25% of the shortfall, or 10% if corrected within two years
• The first RMD must be taken by April 1 of the year following the year you reach age 73
• Subsequent RMDs are required by Dec 31 annually

When in TurboTax and you see, "Let's get more information about your RMD", follow these steps:

1. If you do not know what your RMD is, contact your financial advisor to assist you
2. Don't enter an amount if this is your first year and you will be taking the distribution by April 1, enter "0" instead

If this is not your first year and the software informs you of a penalty, you may request a waiver by completing Form 5329.

TurboTax will automatically generate a Form 5329 when it determines you owe penalties. 

Click the following links for more information, What are required minimum distributions (RMD)? and What is Form 5329?

[finplancasty]

• Expert
• why not try to answer the question instead of showing how much you know about RMD
• if turbo tax only lets you enter RMD amounts for accounts where a distribution takes place, how do you enter other RMD for Ira which had no distribution
• does turbo tax report a total RMD amount to IRS

[DaveF1006]

 It depends if your RMD requirements were met from other distributions.  here is how to report.

If you have multiple Traditional IRAs, the IRS allows you to calculate the RMD for each but take the total sum from just one account. In this case, you don't actually need to "report" the $0 distribution for the second account.

1. When you enter the 1099-R for the account that did pay out, TurboTax will ask: "How much of this distribution was an RMD?" * Select "Only part of this distribution was an RMD" (or use the $0 method depending on your version).
2. Enter the total aggregated RMD amount for all your IRAs here. This tells the software that the distribution you took covered the requirements for your other "silent" IRAs.

If you didn't take any distribution (or didn't take enough) to cover that specific IRA’s requirement, you must file Form 5329 to report the shortfall and potentially request a waiver of the penalty (which is now 25%).

1. Go to the Federal section > Wages & Income.
2. Find the Retirement Plans and Social Security section.
3. Click Start/Revisit next to IRA, 401(k), 403(b) (1099-R).
4. Even if you have no 1099-R, continue through the screens. Look for a screen titled: "Did You Miss a Required Distribution?" 
5. Answer Yes, select the account type (IRA), and enter the amount you were supposed to take versus what you actually took ($0).

Once this is reported, a 5329 will be generated to report the "shortfall" and report the penalty. The IRS does not require a specific "Total RMD Amount" to be listed on your Form 1040. They only care about the taxable amount and the 5329.