RMD not distributed

Forum|Forum|1 year ago
March 12, 2025
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An inherited IRA was established in February 2024. The beneficiary was not advised that a Required Minimum Distribution was needed before the end of the 2024 tax year. The bank did advise (in early February 2025) the beneficiary to take an RMD for 2025. The bank was contacted to get the RMD amount for 2024. No 1099-R for 2024 was provided. TT2024 seems not handle the case of a missed RMD. It demands a minimum distribution amount of $0.51. I have completed the 5329 form, but cannot e-file because of what seems to be flawed error checking. How should I enter the information?

mglauner

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

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 under line 53 "Waiver of Tax Smart Worksheet" enter the same amount as line 52 (the RMD amount) under A.
Click the "Explanation" button and enter the reason for missing the RMD and your statement requesting a waiver.

Here's more info on IRS Requirements for RMD's.

@jak530