Per IRS Publication 590-B Distributions from Individual Retirement Arrangements (IRAs), page 8:

Figuring the Owner's Required Minimum Distribution

Figure your required minimum distribution for each year by dividing the IRA account balance (defined next) as of the close of business on December 31 of the preceding year by the applicable distribution period or life expectancy. Tables showing distribution periods and life expectancies are found in Appendix B and are discussed later.

IRA account balance. The IRA account balance is the amount in the IRA at the end of the year preceding the year for which the required minimum distribution is being figured.

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Reporting the tax. Use Form 5329 to report the tax on excess accumulations. See the discussion of Form 5329, later, under Reporting Additional Taxes for more information on filing the form.

To report excess accumulation in the TaxAct program:

1. From within your TaxAct return (Online or Desktop), click Federal (on smaller devices, click in the top left corner of your screen, then click Federal).
2. Click the Retirement Plan Income dropdown, then click [Taxpayer/Spouse] Additional taxes on qualified plans (Form 5329).
3. Click Review next to Excess accumulation in a retirement plan, and enter the amounts.
4. On the screen titled Additional Tax - Excess Accumulation in Qualified Retirement Plans, click the information icon next to You may be able to request a waiver of tax on your excess accumulation in qualified retirement plans (this will give instructions to request a waiver).

To request a waiver of tax on your excess accumulation in qualified retirement plans:

1. From within your TaxAct return (Online or Desktop), click Federal (on smaller devices, click in the top left corner of your screen, then click Federal)
2. Click the Retirement Plan Income dropdown, then click [Taxpayer/Spouse] Request for waiver of penalty on excess accumulation in retirement plans (Form 5329).
3. Continue with the interview process to enter your information.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the webpage or document at the time it is accessed.