Didn't take enough RMD 2023, what should I do?

[anla0015]

We transferred traditional-IRA from companyA to companyB and thought RMD would transferred.  We took distributions from companyB but not accounted for companyA's RMD. We ended up taken less than the RMD for 2023.  What should we do now?  How do we report the RMD for 2023?

[jtax]

See this article from AARP on how to deal with a missed RMD:

https://taxaideqa.aarp.org/hc/en-us/articles/360012329514-I-forgot-to-take-my-Required-Minimum-Distr...

See this prior discussion on how to use TT to report the missed RMD. Depends upon the version of TT you are using.

https://ttlc.intuit.com/community/taxes/discussion/missed-rmd/00/3232857

[DanaB27]

Please take the missing RMD as soon as possible.

Since you have a Form 1099-R entered you can use the steps below:

1. Click on "Search" on the top right and type “1099-R” 
2. Click on “Jump to 1099-R”
3. Click "Continue" and enter the information from your 1099-R
4. On the "Your 1099-R Entries" screen click "Continue"
5. Continue until "Tell us more about the retirement plan distribution" screen and select "I did not receive all the RMD for 2023" and click "Continue"
6. On the "Required Minimum Distribution" screen enter the RMD amount and actual amount received
7. Enter information on the "Let's see if we can reduce your tax bill" if you want to apply for a waiver.

[anla0015]

I just took the distribution from CompanyB for the shortfall of 1,000 on 3/17/24.  Because this is taken in 2024, for the shortfall in 2023,  it is correct that I should report this 1,000 on Form 5329 for 2023 (I will ask for waiver on the 1,000) , not 2024.

[AmyC]

Yes,  you want to request the waiver now with your 2023 return as Dana stated above. You will get a 1099-R next year for the distribution. The distribution should be coded as excess of 2023 so that nothing more is required. The code P next year tells the IRS that it should be on your 2023 return.

[anla0015]

Then, for 2024 tax return, I don't need to include that 1,000 again, correct?

Another quick question - should I attached document from my IRA account to proved that now I took the shortfall amount and deposited in my checking account?  Can I attached document in TT  for eFile?

[anla0015]

I also forgot to ask about California State Return. How do I report this shortfall on state return 2023?

[CatinaT1]

Were you able to resolve your issue here or are you still needing guidance? 

Make sure you have ran all updates. 

If using TurboTax Online: Clear your cache and cookies. See this FAQ, for your particular browser.

If using TurboTax Desktop: Please see this FAQ.

If you still are not able to solve this, please call TurboTax Customer service.  Here is a link:  Turbo Tax Customer Service