What do I do if I forgot to take a RMD for an IRA in 2012?

We didn't take the required RMD in 2012 . What do I have to do on my tax return?
    You should take the RMD ASAP and attempt to request a waiver to the penalty (might end up paying it anyway, but worth a try).

    See Pub 590 http://www.irs.gov/publications/p590/ch01.html#en_US_2012_publink1000230936

    Tax on excess.
      If distributions are less than the required minimum distribution for the year, discussed earlier under When Must You Withdraw Assets? (Required Minimum Distributions) , you may have to pay a 50% excise tax for that year on the amount not distributed as required.

    Reporting the tax.   Use Form 5329 to report the tax on excess accumulations. See the discussion of Form 5329, later, under Reporting Additional Taxes , for more information on filing the form.

    Request to waive the tax.   If the excess accumulation is due to reasonable error, and you have taken, or are taking, steps to remedy the insufficient distribution, you can request that the tax be waived. If you believe you qualify for this relief, attach a statement of explanation and complete Form 5329 as instructed under Waiver of tax in the Instructions for Form 5329.                
    • I filled out the section which should have generated Form 5329 and also filled out the waver request but it didn't show up in my final forms.  Now I have to separately fill out a 5329 and hope that it isn't duplicated somewhere else.
    • This is the answer that TuboTaxChristopherT gave to that question

      You can immediately withdraw the RMD and request a waiver of the penalty.

      The penalty is calculated and reported on Form 5329, Part VIII (Lines 50 and 51). TurboTax can prepare this form. You request a waiver for "reasonable error" directly on the Form 5329 and attach an explanatory statement.

      The IRS can waive part or all of this tax if you can show that any shortfall in the amount of distributions was due to reasonable error and you are taking reasonable steps to remedy the shortfall. If you believe you qualify for this relief, attach a statement of explanation and file Form 5329 as follows.
      Complete lines 50 and 51 as instructed.
      Enter “RC” and the amount you want waived in parentheses on the dotted line next to line 52. Subtract this amount from the total shortfall you figured without regard to the waiver, and enter the result on line 52.
      Complete line 53 as instructed. You must pay any tax due that is reported on line 53.
        The IRS will review the information you provide and decide whether to grant your request for a waiver.

      You will need a desktop version of TurboTax (download or CD-ROM). You cannot complete this form in TurboTax Online.

      1. Click "Forms" in the upper right corner.
      2. Click "Open Form" in the upper left corner.
      3. Enter "5329" in the pop-up window.
      4. Choose "T" for taxpayer or "S" for spouse as appropriate. A copy of the form will open.
      5. Scroll down to Part VIII and complete Lines 50 and 51 as well as the "Waiver of Tax Smart Worksheet."
      6. When finished, click "Step-by-Step" in the upper right corner to return to the main TurboTax program.
    Contribute an answer

    People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

    1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
    2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
    3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
    4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
    5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.