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February 20, 2023
Question

Did Not take RMD for my Inherited IRA in 2022

  • February 20, 2023
  • 1 reply
  • 0 views

I inherited my Dad's IRA a few years ago.  I've been taking my RMD withdrawals since then.

 

Due to an oversight, I forgot to take the RMD withdrawal in 2022.  I immediately took a withdraw on 1/4/2023.

 

I have no 1099-R from the financial institution for my 2022 tax return because I failed to take an RMD in 2022.

 

When I go thru my 2022 return in Turbo Tax, I enter NO  1099 details.  Meaning I do not update my 1099 withdrawals in 2022 although I reported 1099 withdrawals in 2021.   

 

Turbo Tax says we noticed you didn't update your 1099 withdrawals in 2022 press continue to delete them or go back and update them.  

 

Shouldn't I have to report the insufficient withdrawal somewhere in my 2022 tax return?  Thanks for your assistance.  

    1 reply

    fanfare
    Employee
    February 20, 2023

     you have to report the missed RMD and request a penalty waiver.

     

    See my workaround here

    https://ttlc.intuit.com/community/taxes/discussion/re-missed-2022-rmd/01/2891855#M1055394

     

     

    @njrusso6372