Insufficient RMD was taken - how to fix
I have two RMDs and I always aggregate them and take different distributions from each. I add the RMDs required for each using figures from my broker. I usually take more than required from one IRA, and less from the other, making sure that the totals added together amount to the amount required. I made a mistake this year and I didn't take enough and I still need to take a corrective amount of about $1,273.00. Turbotax has detected the discrepancy and presented an option to ask for a waiver on penalties. It asks a couple of questions and for a "reasonable explanation" you can enter in a box, and that's it. Is there anything else I must do? Is TurboTax filling out the required form 5329 and submitting it with the return? When I open Form and go to 5329, I find that my numbers and other info have been entered in the relevant boxes, so am I good? Will this all be filed with my return and I just need to wait for a reply on the waiver or is there something additional I must do?
