My retirement account did not send me a notice to take an RMD for 2022....
I have now corrected that and taken the proper amount for that missed RMD as well as the proper amounts for 2023. I called the IRS and their advice was to file a 1040X for 2022 and attach form 5329, explaining what happened and the actions I have taken….does this all sound correct? Thx….
Best Answer
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Hello, tribuilder!
That does sound correct!
You can request a waiver of the penalty for not receiving an RMD by filing Form 5329 if the account owner establishes that the shortfall in distributions was due to reasonable error and that reasonable steps are being taken to remedy the shortfall.
For more information, see Q9 at the link below:
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Answers
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Thx Alex….will proceed as discussed!
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I need to know how to include a letter with a reasonable cause explanation to get the waiver, to efile with form 5329 through FreeTaxUSA.
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Hello FedTaxEfile,
1. Please go to Income -> Retirement Income
2. Click on Save and Continue until you are asked if you had a RMD.
3. Enter the information the software asks for and click on Save and Continue
4. It will ask you if you withdrew your RMD during the correction window, answer accordingly and the click on Save and Continue again
5. The next page will be the page asking if you want to claim a waiver and will provide a space for you to enter your reasonable cause explanation.
If you are still not able to find it, I would recommend that you contact customer support as they can view your account directly and see what is happening.0
