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March 14, 2024
Question

RMD

  • March 14, 2024
  • 1 reply
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I did not receive my RMD for 2023. 
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how do I enter this on my 2023 tax return

 

    1 reply

    March 14, 2024

    For 2023, the age at which account owners must start taking required minimum distributions goes up from age 72 to age 73, so individuals born in 1951 must receive their first required minimum distribution by April 1, 2025.

    irs.gov

    However, If this is not the case, you need to take your RMD as soon as possible and file the IRS Form 5329, to pay the excise tax or request a waiver.

     

    In TurboTax this can only be done in "forms" mode which is only available with the TurboTax Desktop software if you do not have a Form 1099-R to file:

     

    1. Enter the forms mode and click on "Open Form" and type "5329".
    2. Select the form and click Open form.
    3. 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 ( zero if it was missed).
    4. Then in the box right under line 53 "Waver of Tax Smart Worksheet" enter the same amount as line 52 (the RMD amount). 
    5. Click the "Explanation" button and enter the reason for missing the RMD and your statement requesting a waiver.

     

     

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