Missed RMD

Forum|Forum|2 years ago
March 2, 2024
2 replies
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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.

Best answer by DanaB27

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:

Enter the forms mode and click on "Open Form" and type "5329".
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).
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).
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.

Bsch4477

Employee

https://ttlc.intuit.com/community/retirement/discussion/2023-missed-rmd-how-to-file-5329-in-turbotax/00/3225400#:~:text=Open%20your%20return%20and%20click,included%20in%20your%20tax%20return.

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.

KP122Author

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?

DanaB27Answer

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:

Enter the forms mode and click on "Open Form" and type "5329".
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).
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).
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.

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.

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