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Type in 5329. Choose 5329-T for the taxpayer (first person listed on your tax return), or 5329-S (for spouse - 2nd person on tax return) 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).
Due to illness and surgeries in 2016, I overlooked filing for my 2016 MRD therefore I did not receive my MRD for 2016 until April 21, 2017
March 25, 2024 1:54 PM. The IRS says, "If you don’t have to file a 2023 income tax return, complete and file Form 5329 by itself at the time and place you would be required to file Form 1040," Just where you are to send the 5329s can be found on page 114 of the 1040 instructions. It appears from a quick look that you two use the same address ...
Type in 5329. Choose 5329-T for the taxpayer (first person listed on your tax return), or 5329-S (for spouse - 2nd person on tax return). 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).
Expert Alumni. Yes, you must include form 5329 when you e-file. To fill out form 5329: Open your return and click on Search on the top of your screen. In the Search box, type form 5329 and click on the magnifying glass icon on the right. Click on the link Jump to form 5329. TurboTax will take you to a section where you can fill out form 5329 ...
I just remembered, one other workaround is available if you are using the CD/download version of TurboTax. You can properly add Spouse's explanation in forms mode by opening Spouse's Form 5329 (Form 5329-S) and clicking the Explain button in the Waiver of Tax Smart Worksheet in Part IX of the form.
Download the 5329 form from the IRS website and fill it out the same as above. Print and mail your return with the 5329 form and explanation attached as described in the 5329 instructions. The 2018 5329 must be attached to your printed and mailed 2018 tax return and cannot be e-filed.
dmertz. Level 15. Form 5329-T is TurboTax's designation for the Form 5329 for the person whose name is listed first on the tax return, the Taxpayer. Form 5329-S is TurboTax's designation for the person whose name is listed second on the tax return, the Spouse. Forms 5329 are individual forms, not joint forms, so there is a separate one for each ...
1 Best answer. fanfare. Level 15. Generally, your return will be accepted as filed. unless computers see a miscalculation. The simplest thing is to just file a correct 2021 tax return, including a correct Form 5329, next year. My brother-in-law filed 1040-X for 2019 in April 2020 and paid extra tax.
Yes, the Form 5329 requesting the waiver must be filed with your 2015 tax return. This distribution will be reported on your 2016 tax return. Keep in mind, if the IRS wants to impose the 50% excess accumulation penalty, you are the one who will receive the deficiency notice since the responsibility to complete the RMD became yours as beneficiary.